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We sold our home, we lived in less than 2 years. We profited $25k, we put $10k of it on the new house Do we claim this on our taxes? If so will we receive tax documents?
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We sold our home, we lived in less than 2 years. We profited $25k, we put $10k of it on the new house Do we claim this on our taxes? If so will we receive tax documents?
As you have lived in your home for less than 2 years, you are not eligible for the capital gain exclusion on the sale of your home. You'll have to report the sale (just as you would do for the sale of a second home) on your tax return if you have a capital gain, which is the case.
The $10k which you paid towards your new house is not reported on your tax return. You may or may not receive form 1099-S for the sale of your home but in any case, you have to report the sale of the home.
Please read this TurboTax FAQ on how to report the sale:
https://ttlc.intuit.com/replies/3300213
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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We sold our home, we lived in less than 2 years. We profited $25k, we put $10k of it on the new house Do we claim this on our taxes? If so will we receive tax documents?
As you have lived in your home for less than 2 years, you are not eligible for the capital gain exclusion on the sale of your home. You'll have to report the sale (just as you would do for the sale of a second home) on your tax return if you have a capital gain, which is the case.
The $10k which you paid towards your new house is not reported on your tax return. You may or may not receive form 1099-S for the sale of your home but in any case, you have to report the sale of the home.
Please read this TurboTax FAQ on how to report the sale:
https://ttlc.intuit.com/replies/3300213
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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We sold our home, we lived in less than 2 years. We profited $25k, we put $10k of it on the new house Do we claim this on our taxes? If so will we receive tax documents?
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We sold our home, we lived in less than 2 years. We profited $25k, we put $10k of it on the new house Do we claim this on our taxes? If so will we receive tax documents?
**Mark the post that answers your question by clicking on "Mark as Best Answer"