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tbearrod
New Member

What if I sold my home in 2016? Does it have any effect on how I file?

 
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MargaretL
Expert Alumni

What if I sold my home in 2016? Does it have any effect on how I file?

No, the sale doesn't necessarily affect your taxes or how you file.

You don’t have to report the sale of your main home on your tax return unless you have taxable gain of more than $250,000 ($500,000 for married filing jointly) or received form 1099-S.  Losses on sale of main home are not reported as they are considered personal and not tax deductible. 

https://ttlc.intuit.com/replies/3300213

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1 Reply
MargaretL
Expert Alumni

What if I sold my home in 2016? Does it have any effect on how I file?

No, the sale doesn't necessarily affect your taxes or how you file.

You don’t have to report the sale of your main home on your tax return unless you have taxable gain of more than $250,000 ($500,000 for married filing jointly) or received form 1099-S.  Losses on sale of main home are not reported as they are considered personal and not tax deductible. 

https://ttlc.intuit.com/replies/3300213

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