In April 18 I sold my home that was my primary residence from May 14 to June 17. It was rented from July 17 to Feb 18. Does this sale need to be reported on 2018 returns?

tbuser6686 · ‎June 4, 2019

Received a 1099-S form related to this home sale. This home was my primary residence for 3 out of the 4 years I owned it. The home was rented for 7.5 months total. Does this qualify me to be exempted from the gains tax from the home sale of a rented property?

MinhT · ‎June 4, 2019

Yes, you have to report the sale of your home because you have received form 1099-S. You will have the exclusion of capital gains of $250,000 ($500,000 if filing jointly) as you have owned and lived in the home for at least 2 years in the last 5 years.

As the home has been rented for a period time, you have to recapture depreciation allowable for the rental period.

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In April 18 I sold my home that was my primary residence from May 14 to June 17. It was rented from July 17 to Feb 18. Does this sale need to be reported on 2018 returns?