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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 578
Experience:  10 years experience
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We old our home in Colorado last year. I need to know how to

Customer Question

We old our home in Colorado last year. I need to know how to process reporting this sale.
Submitted: 10 months ago.
Category: Tax
Expert:  Jonathan Tierney replied 10 months ago.
Hi, my name is ***** ***** I can help. Did you receive a 1099-S from the sale? For the sale of your personal residence that was never rented out or used in a trade or business (such as a home office), most home sales do not need to be reported if you qualify for the personal residence exclusion and your gain is less than $250K ($500K if you are married filing jointly). The questions to see if you qualify are asked on the form you would complete in order to receive the 1099-S.
Customer: replied 10 months ago.
We did rent the house but we also lived in the house for more than two years. Our rent was sporadic and we mostly allowed minister friends to use the house during that time. They were responsible for the utilities. We owned the house for ten years. We are married filing jointly. Our gain was less than $250,000.00. We paid $258,000.00 in 2002 and sold it in May, 2013. After realtors fees, our net proceeds was 256,000.00.
Customer: replied 10 months ago.
I did not receive a 1099.
Expert:  Jonathan Tierney replied 10 months ago.
Did you live in the home as your main home for at least two of the last five years? If you were not renting it out to make a profit, then would I be correct in assuming that you have not claimed any depreciation or have any loss carryovers from prior years?