I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

bethnorthrop145 · ‎January 23, 2020

Hal_Al · ‎January 23, 2020

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

Capital gain is the description of increase. You have a $35.000 capital gain (298K - 263K=35K), not the $28,000 cash out.

But the capital gain on the sale of you primary residence is excludable, up to $250,000. If you did not get a form 1099-S, at closing, do not even report the sale. If you did get a 1099-S, enter as home sale, in TurboTax, and TT will report the sale showing 0 gain.

HelenC12 · ‎January 23, 2020

To report the sale of your primary residence, please see the following information: Sale of primary residence and/or how to enter Form 1099-S.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

Get more help

Ready to start your taxes?

Do you have a TurboTax Online account?

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

Get more help

Ready to start your taxes?

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert