You do not
need to enter or report the sale of your primary residence if:
- You never
used your primary residence as a rental or took home office deduction
- You have a
loss on the sale of your home (Personal capital losses are not reported on
your tax return)
- You did
not receive a Form 1099-S and
- You meet
the home gain exclusion (see below)
You can take the gain exclusion
as long as you considered the home your "primary residence" for 2 of
the last 5 years. If you have a capital gain from the sale of your main
home, you may qualify to exclude up to $250,000 of that gain from your income.
You may qualify to exclude up to $500,000 of that gain if you file a joint
return with your spouse. See Sale
of Your Home for
more information on the exclusion and partial exclusion requirements.
Yes
No
