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How will I claim the home-seller's $250,000 tax exemption on my 2009 tax return.....do I need to file a special tax form, or is it already part of the capital gains form? Thanks!

Submitted: 15 days and 4 hours ago.

Category: Tax

Value: $15

Status: CLOSED

State/Country relating to question: New York

Posted by Merlo 15 days and 4 hours ago.

Info Request

Hello blom,

After applying your $250,000 exemption, did you still have any reportable gain from the sale?

15 days and 4 hours ago.

Reply

No, the profit on the sale was quite a bit less than the $250,00.

Accepted Answer

Hello again blom,

As long as after applying your exclusion you had no taxable gain at all, then you are not even required to report the sale anywhere on your tax return.

Please refer to the following IRS page on this subject, under the section entitled "Reporting the Sale".

http://www.irs.gov/businesses/small/industries/article/0,,id=98921,00.html

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you blom

Accepts:
Expert:	Merlo
Pos. Feedback:	99.8 %
Answered:	11/7/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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