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dvzar
New Member

Sale of main Home

I am married and age 72.  We sold our main home after 18 years and made around $100,000.00 profit.  Do we have to show this snice the profit is under $500.000.00?

When I check the "learn more" tab, it looks like we are except from reporting it.

We are filing a joint return.  We bought a retirement home.

Thanks

1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

Sale of main Home

Reporting Gain or Loss on Your Home Sale

Determine whether you need to report the gain from your home.   You need to report the gain if ANY of the following is true.

  • You have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and don’t qualify to exclude.
  • You received a Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
  • You wish to report your gain as a taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.

  If NONE of the three bullets above is true, you don’t need to report your home sale on your tax return. 

View solution in original post

1 Reply
Coleen3
Intuit Alumni

Sale of main Home

Reporting Gain or Loss on Your Home Sale

Determine whether you need to report the gain from your home.   You need to report the gain if ANY of the following is true.

  • You have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and don’t qualify to exclude.
  • You received a Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
  • You wish to report your gain as a taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.

  If NONE of the three bullets above is true, you don’t need to report your home sale on your tax return. 

View solution in original post

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