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If I sold a house do I need to put that on my taxes somewhere?

If I sold house do I need to put the amount somewhere on my taxes?
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2 Replies
Carl
Level 15

If I sold a house do I need to put that on my taxes somewhere?

You are required to report it, if any ONE of the following are true.

1) You received a 1099-S reporting the sale. Doesn't matter if you sold at a gain or a loss. If you received a 1099-S, you are required to report the sale.

2) You sold at a gain and lived in the house for less than 2 of the last 5 years as your primary residence

3) You Sold for more than $250K capital gains and lived in the house as your primary residence for at least 2 of the last 5 years you owned it.

4) The house or any part of it was rental property for any period of time you owned it.

5) You claimed any business use or a home office deduction for any portion of the house for any time you owned it.

Hal_Al
Level 15

If I sold a house do I need to put that on my taxes somewhere?

The above answer assumes the house was your main home. If the house was used for anything else (rental, investment, vacation home, inherited property), you must report the sale.

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