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TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
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Experience:  7 years experience with tax preparation company, over 500 hours of tax courses taken
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I am preparing some behind missing tax returns. What figure

Resolved Question:

I am preparing some behind missing tax returns. What figure do I need to put in my tax regarding the sale of my home? The sale paid off my mortgage, and I carried paper, and received some funds. Would I be reporting the funds that were disbursed to me? And in the following years, what figure do I report for the payments the buyer has been sending me?
Submitted: 3 years ago.
Category: Tax
Expert:  TaxMomNJ replied 3 years ago.

Customer,

 

What is your filing status? Are you able to calculate what your gain is?

Customer: replied 3 years ago.
Sorry I don't understand the question. For the other missing tax years, I don't have any problem figuring out my taxes. But for the year we sold our home, I wondered if they wanted the actual sale price or what I netted.
Expert:  TaxMomNJ replied 3 years ago.

Customer,

 

Okay, let's go back. What year did you sell the house?

Customer: replied 3 years ago.
2004 I sold the house. Really, I doubt it depends on the tax year except for the amounts that may be exempt or whatever. I just wondered whether to put in the 280K I sold it for or the $50k I actually received.
Expert:  TaxMomNJ replied 3 years ago.

Customer,

 

If the house you sold was your main residence, you owned the home for at least 2 years, and used it as your main residence for 2 of of the past 5 years, you are not taxed on a gain of less than $250,000 ($500,000 if Married Filing Joint). You do not need to report the sale if this situation applies to you.

 

If all you received is $50,000, and the above requirements are true, you do not need to report anything at all.

 

See this link for reference: http://www.irs.gov/faqs/faq/0,,id=199598,00.html

 

Please let me know if I can assist you further.

TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
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