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estcam
New Member

I sold my home but purchased another. Did I have capital gains? I did not get a 1099-S. Do I need to use schedule D?

 
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MargaretL
Expert Alumni

I sold my home but purchased another. Did I have capital gains? I did not get a 1099-S. Do I need to use schedule D?

You don't have to necessarily have a taxable gain and use Schedule D... and you may not have to report the sale on your tax return as it is reported only if you have taxable gain or received Form 1099-S. 

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

  1. Wages and Income
  2. Select Less Common Income
  3. Select Sale of Home

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