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I this was you primary residence you'll have to set aside ... NOTHING!
actually that depends on how much gain there was
it was about 16,000
after the loan was paid off and all of the closing costs covered
If you file as married filing jointly, then up to $500,000 of gains is completely excluded for primary residence sales
nothing to report in this case
do we need to document it somehow?
on our taxes?
No because the warding the the tax law is ESCLUDED from income
that means its not even recognizable (ine f the VERY few things like that in the tax code)
ok that's great! we had issues with the gains section when we claimed insurance money on our house that was destroyed with the tornado
(sorry for the typos... "excluded")
For Federal taxes it's really a non-issue
what about state?
Let me look that up for you TN has what's called LIMITED income tax, so I really doubt it, especially of TN uses federal AGI as the starting point ,,,, juuuust a sec
we are military and want to make sure that we don't make any mistakes with our gain. It is currently resting peacefully in an interest bearing savings account.
Yes TN is exempt... from their guide book on income tax: Otems excluded from income ...
11. Capital gains from the sale of real estate, stock, etc. (Capital gain distributions frommutual funds are taxable.):
ok so we're in the clear federally and stately
Tennessee taxes gains on mutual funds only
yep both state and federal
promary residenc gain is EXCLUDED, which means nothing to report
awesome! thank you! That is such a relief. we were careful not to spend much so that we did not put ourselves in a hole!
Here some documentation for you:
you're good to go on this one!
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ok great! this will bring my husband peace of mind as well. Thanks!
You're welcome ... have a good evening
you as well!
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