Due to a miscalculation the amount of the sale was just under what I needed to break even to pay off my mortgage. so at closing we brought a money order for the remaining balance.
Since I received no gain. and through paying the remaining balance at closing. and that I lived there for 7 years... do I need to fill out anything for my 2016 taxes?
You are allowed an exclusion of any capital gain on the sale of your residence up to $250,000 if single or $500,000 is married filing joint. In general, to qualify for the exclusion, you must meet both the ownership test and the use test. You're eligible for the Section 121 exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule.
Since you did not realize a gain on the sale of the home, you have no reporting requirement on your 2016 tax return for the home sale. If you realized a loss on the sale of the home, the IRS does not allow any consideration for the loss. No schedule D reporting required due to sale of the home.
You are allowed an exclusion of any capital gain on the sale of your residence up to $250,000 if single or $500,000 is married filing joint. In general, to qualify for the exclusion, you must meet both the ownership test and the use test. You're eligible for the Section 121 exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule.
Since you did not realize a gain on the sale of the home, you have no reporting requirement on your 2016 tax return for the home sale. If you realized a loss on the sale of the home, the IRS does not allow any consideration for the loss. No schedule D reporting required due to sale of the home.