• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Reporting sale of home

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

Mr_Natural

Junior Member
What is the name of your state? NC
I sold my home in 2002. I understand there is no longer a time limit on buying another home to avoid capital gains taxes. Do I have to report anything on my tax return (any forms, etc.)
 


abezon

Senior Member
You don't have to report anything unless the escrow company sends you a 1099-S. If they do, you report the profit on the long term capital gains line of Schedule D, then report an equal loss as "Sec. 121 exclusion" on the following line. Net gain = $0.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top