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landis38
New Member

What documentation/forms are necessary when a home is sold?

 
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Accepted Solutions
Coleen3
Intuit Alumni

What documentation/forms are necessary when a home is sold?

It depends on the character of the ownership. Each one has it's own entry point.

There are several possibilites:

  • You qualify for the exclusion
  • You do not qualify for an exclusion
  • It was a second home
  • It was at one point a rental property
  • If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.

    Does Your Home Sale Qualify for Maximum Exclusion

     Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.

    • You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
    • You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
    • You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.

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1 Reply
Coleen3
Intuit Alumni

What documentation/forms are necessary when a home is sold?

It depends on the character of the ownership. Each one has it's own entry point.

There are several possibilites:

  • You qualify for the exclusion
  • You do not qualify for an exclusion
  • It was a second home
  • It was at one point a rental property
  • If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.

    Does Your Home Sale Qualify for Maximum Exclusion

     Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.

    • You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
    • You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
    • You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.
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