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okellykm
New Member

I sold my primary property in 2016 but I do not have my HUD1 from 2002 from the purchase of the property. What is your reconmendation?

 
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PaulaM
Expert Alumni

I sold my primary property in 2016 but I do not have my HUD1 from 2002 from the purchase of the property. What is your reconmendation?

The only thing you would need from your 2002 HUD-1 is the purchase date and purchase price. These would be recorded by the county where you live. However, you may not need to report the sale of your primary residence at all

You may qualify to exclude from income all or part of any gain from the sale of your primary residence if you meet ownership and use tests. This means for the 5-year period ending with the sale of the home, you lived in it as your main home and you owned it for 2 years.

If you meet both tests, you may exclude up to $250,000 ($500,000 on joint returns) of gain from your income, and you would not report it on your return.

Do not report the sale of your main home on your tax return unless:

  • You have a gain and do not qualify to exclude all of it,
  • You have a gain and choose not to exclude it, or
  • You have a loss and received a Form 1099-S.

Sale of main home 

IRS pub 523

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
PaulaM
Expert Alumni

I sold my primary property in 2016 but I do not have my HUD1 from 2002 from the purchase of the property. What is your reconmendation?

The only thing you would need from your 2002 HUD-1 is the purchase date and purchase price. These would be recorded by the county where you live. However, you may not need to report the sale of your primary residence at all

You may qualify to exclude from income all or part of any gain from the sale of your primary residence if you meet ownership and use tests. This means for the 5-year period ending with the sale of the home, you lived in it as your main home and you owned it for 2 years.

If you meet both tests, you may exclude up to $250,000 ($500,000 on joint returns) of gain from your income, and you would not report it on your return.

Do not report the sale of your main home on your tax return unless:

  • You have a gain and do not qualify to exclude all of it,
  • You have a gain and choose not to exclude it, or
  • You have a loss and received a Form 1099-S.

Sale of main home 

IRS pub 523

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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