I sold my house last year. What tax form do I fill out to record the profit I made off it??
2007-01-24 03:25:21 · 5 answers · asked by Luv4DMB 2 in Business & Finance ➔ Taxes ➔ United States
Ok I lived in it for less than 2 years. About a year. And I made a profit less than 10,000. It was my first home. And I was single.
2007-01-24 03:47:13 · update #1
The net profit will go on Schedule D. Remember to deduct any allowable expenses, like realtor's commissions, before showing your gain.
If you moved because you changed jobs and the new job was a lot farther away than your old one (IRS has specific rules on this for what qualifies), then you might be able to escape the tax. If you just wanted to move, and it wasn't job or health related, then you'll owe since you didn't live there 2 years.
2007-01-24 03:56:45 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
As above but if you made a profit of less than $250,000 ($500,000 married, filing jointly), you lived in it for two of the last five years and have not claimed this exemption in the last two years, you will not pay any tax.
EDIT: Listen to Judy. She has given a comprehensive answer based on the additional details you provided.
2007-01-24 03:31:30 · answer #2 · answered by skip 6 · 1⤊ 1⤋
Did you live in that house at least 2 of the last 5 years? Was this your first house? More Info Please.....
Good Luck & Blessings
2007-01-24 03:30:08 · answer #3 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 2⤋
Schedule D.
2007-01-24 03:29:32 · answer #4 · answered by jseah114 6 · 0⤊ 1⤋
A schedule D is not necessary.
2007-01-24 03:32:59 · answer #5 · answered by miketorse 5 · 0⤊ 3⤋