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We sold our home for 126000.00 but only recieved22753 after pay off
good morning we sold our home for 126000.00 but only recieved 22753.47 after pay off how do i put this information in and where
The sale of your home is reported only if you have taxable gain or received Form 1099-S.
If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).
If your gain is larger than the amounts above (or received 1099-S) you must report the sale.
- Wages and Income
- Select Less Common Income
- Select Sale of Home
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