Skip to main content
Employee
August 16, 2019
Question

If sold a house and profited $45,000 do I have to claim on my taxes and where? I didn't receive a form.

  • August 16, 2019
  • 1 reply
  • 0 views
No text available

    1 reply

    August 16, 2019

    1) was the property ever rented out or did you ever take a home office deduction? 

    2) did you use it as your personal residence any 2 out of 5 years (or less) ending prior to the date of sale?

    3) did you own it any 2 years out of 5 years (or less) ending prior to the date of sale?

    the 2 years do not have to be consecutive 

    if the answer to 1 is no and 2 and 3 are yes, then the gain is fully excludable and does not need to be reported

    if the answer all 3 is yes then any gain up to the depreciation taken is recaptured (as 1250 gain) and you need to report it

    if the answer to 2 or 3 is no the entire gain will be taxable   any depreciation taken would need to be recaptured