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?

countryplace4 · ‎June 4, 2019

MinhT · ‎June 4, 2019

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

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MinhT · ‎June 4, 2019

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

countryplace4 · ‎June 4, 2019

Do you know who would send us the 1099-S?

MinhT · ‎June 4, 2019

The title company would send form 1099-S.

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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?