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February 18, 2021
Question

Confused on capital gains. Sold a condo in Florida, no 1099 etc. has been received. Thanks

  • February 18, 2021
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Sold condo in Florida

1 reply

RayW7
February 18, 2021

If this is the sale of a personal residence you may be exempt from Capital Gains.  The rules for the usual home sale transaction, a “straight” sale, are fairly straightforward, and most of the time a straight sale does not trigger taxes.

 

If you are single and have lived in a house for two of the previous five years, you owe no taxes if you make $250,000 or less in profit.

For married couples filing jointly, if both of you have lived in the house for two of the previous five years, then the limit is $500,000 in profit.

 

If this is an investment property then your reporting will be more involved.  TurboTax can guide you through this-

 

How to report the sale of rental property.

  1. With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
  2. Answer Yes to the question Did you have any income from rentals or royalties?
  3. When you get to What are you here to report? select Rental property and fill out the description, address, and owner.
  4. When you hit Tell us about your situation this year check the Sold box along with any other boxes that may apply.
  5. Continue following the onscreen prompts to enter info about your rental property. Eventually, you'll get to the Review your rental property info screen. You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)
Critter-3
February 18, 2021

LOOK in the big pile of papers that you got at closing for the 1099-S doc if one was issued.   If the closing company decided you were exempt from taxes due to this being a sale of a personal residence then none would have been issued.