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What do I have to claim if I sold my house?

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Question
What do I have to claim if I sold my house?

Answer

If you sold or exchanged your main home, do not report it on your tax return unless your gain exceeds your exclusion amount. Generally, if you meet the two tests below, you can exclude up to $250,000 of gain. If both you and your spouse meet these tests and you file a joint return, you can exclude up to $500,000 of gain (but only one spouse needs to meet the ownership requirement in Test 1).

Test 1

You owned and used the home as your main home for 2 years or more during the 5-year period ending on the date you sold or exchanged your home.

Test 2

You have not sold or exchanged another main home during the 2-year period ending on the date of the sale or exchange of your home.

See Pub. 523 for details, including how to report any taxable gain if:

  • You do not meet one of the above two tests,
  • You (or your spouse if married) used any part of the home for business or rental purposes after May 6, 1997, or
  • Your gain exceeds your exclusion amount.

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Article Details
Views: 808 Created on: Jun 15, 2013
Date updated: Dec 11, 2018
Posted in: FAQ's

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