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I sold my house but didn’t work last year do I need to file taxes?

 
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2 Replies

I sold my house but didn’t work last year do I need to file taxes?

Who has to file?

http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F

 

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 owned and lived in the home for at least 2 years).

**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.**
DavidD66
Employee Tax Expert

I sold my house but didn’t work last year do I need to file taxes?

To summarize, if you received a Form 1099-S, you need to file a tax return and report the sale.  If the house did not serve as your primary residence for 24 of the 60 months prior to the sale, you need to file a tax return.  If the house was your primary residence for 24 of the 60 months prior to the sale, and your gain was less than $250,000 if filing single, or $500,000 filing joint, you don't have to file.

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