Does the profit I made on my home sale count towards my income? Should I be eligible for a property tax credit if I sold my house 11/9/2017 and made under $50,000?

[CathiM]

If this is your primary residence, you may qualify to exclude the gain. If you qualify, you do not need to report the sale of your home on your tax return and it won't count towards your income. Is the property tax credit a state tax credit?  If so, what state are you in?  You can deduct property taxes paid in 2017 for the period you owned the home.

If this home is a rental or investment property, the profit on the sale is included in your income.

The IRS has a provision that can help homeowners avoid capital gains on the sale of their primary residence.

 To qualify, you must have owned your home and used it as your main residence for at least two years in the five-year period before you sell it. You also must not have excluded another home from capital gains in the two-year period before the home sale. If you meet those rules, you can exclude up to $250,000 in gains from a home sale if you’re single and up to $500,000 if you’re married filing jointly.

[manygonz]

Do I still need to report the sale of my home if my capital losses exceeded my capital gains?. In other words if after selling my house and deducting all the expenses,  I ended up losing money, do I still need to report the sale or pay any taxes on remaining proceeds?

[DoninGA]

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@manygonz wrote:

Do I still need to report the sale of my home if my capital losses exceeded my capital gains?. In other words if after selling my house and deducting all the expenses,  I ended up losing money, do I still need to report the sale or pay any taxes on remaining proceeds?

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The loss on the sale of a personal residence is not reported on a tax return unless you received a Form 1099-S for the sale.

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).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

[manygonz]

Ok, just to clarify we lived the home for less than 2 years and we did receive a 1099-S form. Does this mean I'm still reporting the sale but won't be taxed since we did not make any Capita Gain?

[DoninGA]

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@manygonz wrote:

Ok, just to clarify we lived the home for less than 2 years and we did receive a 1099-S form. Does this mean I'm still reporting the sale but won't be taxed since we did not make any Capita Gain?

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Right...no capital gains taxes but the sale Must be reported since you received a Form 1099-S.

Make sure that you indicate that you want the sale of the home reported on your tax return. 

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Less Common Income
• On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

[abouttheclimb]

If you sold your house in 2019, and have filed your taxes, and the sale of the house was over $750,000, will this effect if you will be eligible for the COVID-19 Relief money, or do they just look at your wages from work?

[LeonardS]

Since the CARES Act is still working its way through Congress and has not been signed into law, there are some questions that can't be answered definitively at this time. Please check for updates here TurboTax Corona Virus Update Center and here IRS Corona Virus Update Center.

[lindadunlap]

I sold a house in 2019 for $30,000. Do I have to claim that sale as profit?  I did not have a mortgage on it. The had been completely paid off for many years.  Where do I add the $30,000 on my tax form?

[VictoriaD75]

A seller who has owned and used a home as a principal residence for at least 2 of the last 5 years before the sale can exclude from income up to $250,000 of gain ($500,000 for joint filers). TurboTax will help you determine your exclusion.

To enter, follow these steps:

• Under the Federal menu, choose Wages & Income
• Expand the menu for Less Common Income
• Click Start/Revisit next to Sale of Home (gain or loss)
• Enter the information on the screens that follow

[xmasbaby0]

@Mn2024 

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).

• If you are using online TT, you need Premier or Self-Employed software to report the 1099-S
• .https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible

[yc313]

@VictoriaD75  @DoninGA 

I sold my home which I lived in for less than 2 years but sold it with capital loss instead of gain,  and I do not need to use the losses to offset any gains, do I still need to report the sale?   (since it is a foreign property, I did not receive a 1099 form.) 

[DoninGA]

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@yc313 wrote:

@VictoriaD75  @DoninGA 

I sold my home which I lived in for less than 2 years but sold it with capital loss instead of gain,  and I do not need to use the losses to offset any gains, do I still need to report the sale?   (since it is a foreign property, I did not receive a 1099 form.) 

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The sale of a personal residence, never used as a rental or as business, at a loss is not reported on a tax return.

[yc313]

@DoninGA 

Thanks for your advice. Just to clarify, I lived in my home for less than 2 year in the last 5 years, however I did not use it as a rental or as business, is it still considered personal residence? 

[DoninGA]

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@yc313 wrote:

@DoninGA 

Thanks for your advice. Just to clarify, I lived in my home for less than 2 year in the last 5 years, however I did not use it as a rental or as business, is it still considered personal residence? 

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Yes, it is still considered your personal residence.