Capital Gains and Losses

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Do I have to pay capital gains on the sale of my home if I…

Customer Question
Do I have to...

Do I have to pay capital gains on the sale of my home if I lived there for 20 years and who is suppose to send me the l099 form

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This is the first home I have sold, I have not received and 1099 form. I was told there would be not capital gains to pay since I lived in the home more than 5 years. I have not received a 1099 form, don't I need on to file my taxes?

Submitted: 5 months ago.Category: Capital Gains and Losses
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Answered in 5 minutes by:
2/6/2018
Tax Expert: Richard, Tax Attorney replied 5 months ago
Richard
Richard, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 57,040
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Tax Expert: Richard, Tax Attorney replied 5 months ago

Good afternoon. How much did you pay for the house? Was the sale price? Are you married? Thanks.

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Customer reply replied 5 months ago
The house was given to me. Sale price $154,000. I am single
Tax Expert: Richard, Tax Attorney replied 5 months ago

Thank you. You will not owe any taxes. Since this has been your principal residence for the last 5 years, under Section 121 of the Internal Revenue Code you can exclude up to $250,000 of gain from the sale of your principal residence. Thus, since your gain does not exceed $250,000, all your gain would be excluded from income under Section 121. This is a link to that Code section: https://www.law.cornell.edu/uscode/text/26/121. But, you will need to file a return and report the sale as a sale of your principal residence; otherwise, the IRS will not know it qualifies as your principal residence and will consider the proceeds reported on the 1099 as all taxable gain.

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