Do I have to report sale of primary home w/ capital gains over $250,000 if I can get under the $250,000 limit by deducting realtor commissions which put me under $250k?
Do I have to report sale of primary home w/ capital gains over $250,000 if I can get under the $250,000 limit by deducting realtor commissions which put me under $250k?
You do not need to report the sale if your gain is less than the exclusion amount, and you qualify to exclude the gain, unless you receive a 1099-S. If you receive a 1099-S, you must report the sale, regardless of your gain.
Do I have to report sale of primary home w/ capital gains over $250,000 if I can get under the $250,000 limit by deducting realtor commissions which put me under $250k?
You do not need to report the sale if your gain is less than the exclusion amount, and you qualify to exclude the gain, unless you receive a 1099-S. If you receive a 1099-S, you must report the sale, regardless of your gain.
Do I have to report sale of primary home w/ capital gains over $250,000 if I can get under the $250,000 limit by deducting realtor commissions which put me under $250k?
Your gain is measured, after expenses of sale, such as RE commission.
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