Question

Do I have to file for 2018? Do I report the $35,000 from home sale?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Primary residence when sold owned 25 yrs. Did not work at all for 2018. Been divorced 11 years one dependent.

Employee

No, if you have no other income than from the sale of your primary home and you meet the exclusion, you are not required to file unless you received a 1099-S for the sale.

How your sale qualifies. 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