I sold my house in 2019. bought it for 159000 in 2002 and sold it for 18100. what should I know about capital gain ? thanks

[DoninGA]

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.

Gain or Loss equals Selling Price minus Selling Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

[VolvoGirl]

Was it your primary house?  Then you have no capital gains.

Starting in May 1997…..For a primary home, if you owned and lived in your house for 2 out of the last 5 years when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax.  You can not take a loss on your tax return. The rule about rolling over the gain to the next house went out in May 1997.

You dont have to enter it unless you got a 1099-S from the sale.