Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

Capital Gains and Losses

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

Accountant's Assistant: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Please tell me more, so we can help you best.

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: 16 days ago.Category: Capital Gains and Losses
Show More
Show Less
Ask Your Own Capital Gains and Losses Question
Answered in 5 minutes by:
2/6/2018
Tax Expert: Richard, Tax Attorney replied 16 days ago
Richard
Richard, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 56,189
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

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!

Ask Your Own Capital Gains and Losses Question
Tax Expert: Richard, Tax Attorney replied 16 days ago

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

Ask Your Own Capital Gains and Losses Question
Customer reply replied 16 days ago
The house was given to me. Sale price $154,000. I am single
Tax Expert: Richard, Tax Attorney replied 16 days 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.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Capital Gains and Losses Question
Was this answer helpful?
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 56,189
56,189 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

263 satisfied customers

Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

72 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

< Previous | Next >

Related Capital Gains and Losses Questions
My mother may have paid some capital gains on the cabin left
My mother may have paid some capital gains on the cabin left to three of us. We sold it how do we find out if some was paid. I am a senior. Thanks … read more
abci168
abci168
Principal
27 satisfied customers
My husband & I divorced in Jan. of 2016. We purchased a
My husband & I divorced in Jan. of 2016. We purchased a house in Dec. of 2014. My husband has continued to live in the house since the divorce. When we sell the house will we have to pay capital gains… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I bought an apartment for personal use in 2009. In 2014, I
Hello,I bought an apartment for personal use in 2009.In 2014, I started renting it out. I used the straight line method to depreciate the property while it was rented. (27.5 years)After renting it out… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a around $600k (vast majority short term) in capital
I have a around $600k (vast majority short term) in capital loss carryovers from the dot com/financial crisis downturns in the equity markets. In a given year, if I have net capital gains of say $1000… read more
Carter McBride
Carter McBride
LLM
459 satisfied customers
Im a public sector worker in NJ. I am in the NJ Army
Im a public sector worker in NJ. I am in the NJ Army National Guard, i just found out that the school district has to pay me (compensate) 90 days per calendar year. Only If i am to be deployed or go b… read more
taxmanrog
taxmanrog
Master\u0027s Degree
819 satisfied customers
I'm looking for a little guidance from tax experts that are
Hello, I'm looking for a little guidance from tax experts that are well versed in expatriate tax situations. I'm a U.S. citizen residing in Israel, and as part of my compensation package, I receive a … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I just started my 2017 Tax return with Turbo Tax it says a
I just started my 2017 Tax return with Turbo Tax it says a owe no Federal taxes Can this be correct? Here are some of line items line 7 0 line 8a 4,664 line 8b 6,157 line 9a 18,832 line 9b 13,038 line… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My husband, a Canadian, died Jan 8, 2008 and I inherited our
My husband, a Canadian, died Jan 8, 2008 and I inherited our vacation home in Ontario that he owned since 1985. I am a US citizen living in the US and sold the house September 17,2017. Is the adjusted… read more
Carter McBride
Carter McBride
LLM
459 satisfied customers
Question My Mom had a Living Trust formed in 1992 with my
Question My Mom had a Living Trust formed in 1992 with my Dad as the sole Trustee/Beneficiary. The Trusts assets were real estate that they had owned jointly before establishing the trust. Per the tru… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I moved abroad about a year ago. my last residence in the US
i moved abroad about a year ago. my last residence in the US was NJ. I had an LLC in NJ which I was the only owner which i closed end of last year. i never had any employees or did anything that would… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My sister and I Inherited property in 1988. In 2008 I bought
My sister and I Inherited property in 1988. In 2008 I bought my sister out for half $112500. I took out a loan to pay her and $67500. extra to pay off some other things. SO the loan was $180000. I sol… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Very simple question sell apartment worth 89 thousand for
very simple question sell apartment worth 89 thousand for 105 thousand how does tax system work on capital gains of 16 thousand $$ … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Alma just paid off her mortgage on a condo.The condo was
Hi! Alma just paid off her mortgage on a condo.The condo was rented to her cousin,for 5 years.It was purchased for about $200000.The current value would be about 250000. She would like to transfer the… read more
socrateaser
socrateaser
1,031 satisfied customers
Our house burned down in Dec 2017. When you declare a total
Our house burned down in Dec 2017. When you declare a total loss, home and business equipment, if that amount is higher then what your insurance pays you (2 separate policies) does that offset any tax… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I owned a house before I got married. I got married and
I owned a house before I got married. I got married and turned it into a rental in 2017, and purchased another house at the same time with my husband, which we homesteaded. Husband ended up being an a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am married, file jointly in PA. I have a part time 1099
I am married, file jointly in PA. I have a part time 1099 from home. This year, I only made 3500k. I can itemize that much in deductions, so it comes out zero income. My husband it made 36k. We are 58… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,077 satisfied customers
Re: Husband and Wife run a LLC business If a wife
Re: Husband and Wife run a LLC businessHello: If a wife technically owns a business, which the husband also works at without receiving any paycheck what is the best way to report this for IRS tax purp… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,336 satisfied customers
I purchased a home in which I was going to move in to..
I purchased a home in which I was going to move in to.. started working on it in May of 2017 to begin making it nice. I am 69. I was going to move there. I live in a trailor and wanted to move closer … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,336 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x