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    leesburglady's Avatar
    leesburglady Posts: 1, Reputation: 1
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    #1

    Jan 3, 2011, 09:16 PM
    We will close on our home sale in Feb. What do we need to file next year
    Home sale
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jan 4, 2011, 06:39 AM

    If you made a gain on the sale (your proceeds from the sale exceed your cost basis in the home) you report the sale on A Schedule D of your Form 1040, unless (a) this was your principle residence for at least two of the preceding fives years, and (b) the gain on the home is less than $250K ($500K if married diling jointly), and (c) you have not already used this exclusion in the past two years. If you are selling the home at a loss there is nothing to report (you can not deduct losses on personal property). Full detals are in Pub 523:
    Publication 523 (2009), Selling Your Home
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