I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

[Hal_Al]

 

 

I got divorced, and received money from the sale of the home. What's the description of increase? Purchased for 263k, sold for 298k ten years later. I received 28k.

Capital gain is the description of increase.  You have a $35.000 capital gain (298K - 263K=35K), not the $28,000 cash out.

But the capital gain on the sale of you primary residence is excludable, up to $250,000.  If you did not get a form 1099-S, at closing, do not even report the sale. If you did get a 1099-S, enter as home sale, in TurboTax, and TT will report the sale showing 0 gain.

[HelenC12]

To report the sale of your primary residence, please see the following information: Sale of primary residence and/or how to enter Form 1099-S.