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sale of main residence?

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lholmes

Junior Member
Do I need to report the sale of my main residence even its qualify for the exclusion of $250,000 according to section 121? What are the advantages and disadvantages of reporting it?What is the name of your state?
 


LdiJ

Senior Member
Do I need to report the sale of my main residence even its qualify for the exclusion of $250,000 according to section 121? What are the advantages and disadvantages of reporting it?What is the name of your state?
No, you are not required to report it nor would there be any advantage in doing so. The only time someone would report the sale of their primary residence is if their gain exceeding the 250k (or 500k if married filing jointly) exclusion.
 

tranquility

Senior Member
As LdiJ states, the law does not require reporting in your situation. However, we do on schedule D as a long term gain and then, on the next line write a negative for the amount we will claim as excluded with the discription of "section 121 exclusion amount".

The filing of the return starts the statute in any event, but we feel that full reporting prevents problems in the long run. Your mileage may vary.
 

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