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filing tax on sale of home less than $ 500.000

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A

applebug

Guest
What is the name of your state? Oregon

If you have lived in a home for more than 21/2 years, and are selling your home for less than $ 500.000, and have been filing jointly, and there are no taxes due, do you have to report the sale?
Applebug
 


abezon

Senior Member
Not unless the escrow company gave you a tax form reporting the sales proceeds as income. If that happened, file a schedule D and enter the gain on the first long term capital gains line, then enter "Sec. 125 exclusion" on the line below and list a sales price of $0 and a basis equal to the gain you reported on the line above.
 

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