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Level 2

If sold a house and profited $45,000 do I have to claim on my taxes and where? I didn't receive a form.

 
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Level 16

If sold a house and profited $45,000 do I have to claim on my taxes and where? I didn't receive a form.

1) was the property ever rented out or did you ever take a home office deduction? 

2) did you use it as your personal residence any 2 out of 5 years (or less) ending prior to the date of sale?

3) did you own it any 2 years out of 5 years (or less) ending prior to the date of sale?

the 2 years do not have to be consecutive 

if the answer to 1 is no and 2 and 3 are yes, then the gain is fully excludable and does not need to be reported

if the answer all 3 is yes then any gain up to the depreciation taken is recaptured (as 1250 gain) and you need to report it

if the answer to 2 or 3 is no the entire gain will be taxable   any depreciation taken would need to be recaptured