I sold my house for $35,000 less than I bought it for 6 years ago. Do I need to report it?

[DoninGA · Accepted solution]

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

The loss on the sale of a personal residence is not reported on a tax return.

However, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.