Solved: I sold my home after 11 years. I do not have information for when I bought it. (no closing statement). What do I do when I do my taxes?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
wdpst
New Member

I sold my home after 11 years. I do not have information for when I bought it. (no closing statement). What do I do when I do my taxes?

 
1 Best answer

Accepted Solutions
Ashby
New Member

I sold my home after 11 years. I do not have information for when I bought it. (no closing statement). What do I do when I do my taxes?

If you have lived in the home the last 11 years, you are eligible to exclude completely $250,000 of gain if you are single and $500,000 if you are married filing jointly.

You don't need anything specific for your taxes. If you receive a 1099-S from the sale, you will just want to know how much you paid for it and the cost of any major improvements you have completed to establish your basis in the property. 

If you do not receive a 1099-S from the transaction and you are within the exclusion amounts for gain, you do not have to report the sale on your taxes.

See below for more information:

https://ttlc.intuit.com/replies/3300213

View solution in original post

1 Reply
Ashby
New Member

I sold my home after 11 years. I do not have information for when I bought it. (no closing statement). What do I do when I do my taxes?

If you have lived in the home the last 11 years, you are eligible to exclude completely $250,000 of gain if you are single and $500,000 if you are married filing jointly.

You don't need anything specific for your taxes. If you receive a 1099-S from the sale, you will just want to know how much you paid for it and the cost of any major improvements you have completed to establish your basis in the property. 

If you do not receive a 1099-S from the transaction and you are within the exclusion amounts for gain, you do not have to report the sale on your taxes.

See below for more information:

https://ttlc.intuit.com/replies/3300213

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings