Sold house for 150K profit after 25 years. Does it even get reported on tax return?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Sold house for 150K profit after 25 years. Does it even get reported on tax return?

When I entered data, Turbo tax said don't report it. In review, Turbo tax says report it to document the sale for later. Which is recommended. No tax due either way, right?
1 Reply
Highlighted
Level 9

Sold house for 150K profit after 25 years. Does it even get reported on tax return?

No, it doesn't necessarily get reported on your tax return. The sale of your home is reported only if you have taxable gain or received Form 1099-S. 

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the sale on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

  1. Wages and Income
  2. Select Less Common Income
  3. Select Sale of Home

 

Privacy Settings