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gdaigre
Level 1

I sold my home in 2017, I have a 1099 with the sale price. My profit was $95,000 . What do I report to IRS on my tax form? Do I enter the 1099 or just disregard?

 
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xmasbaby0
Level 15

I sold my home in 2017, I have a 1099 with the sale price. My profit was $95,000 . What do I report to IRS on my tax form? Do I enter the 1099 or just disregard?

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S 

go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owner and lived in the home for at least 2 years).

* If you are using online TT, you need Premier or Self-Employed software to report the 1099-S.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0
Level 15

I sold my home in 2017, I have a 1099 with the sale price. My profit was $95,000 . What do I report to IRS on my tax form? Do I enter the 1099 or just disregard?

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S 

go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owner and lived in the home for at least 2 years).

* If you are using online TT, you need Premier or Self-Employed software to report the 1099-S.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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