Capital Gains and Losses

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I sold a home as a single person with a capital gain of

I sold a home...

I sold a home as a single person with a capital gain of $9,500 and I do not know how to fill out more 1040 form. I received a 1099-S.

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.

I know I do not have to pay, but where do I report that information?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I am using freefillableforms from the IRS and there is not a :sale of home" form to show you do not have a capital gain.

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Answered in 2 minutes by:
3/28/2018
TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 18,395
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Capital Gains and Losses Question

The sale is reported on form 8949. You will enter as long term held asset. Report the sale or exchange on Form 8949 as you would if you weren't taking the exclusion. Then enter the amount of excluded (nontaxable) gain as a negative number (in parentheses) in column (g).

By doing that you report as required (because you received the 1099S) but you are not charged because you can exclude under IRC 121.

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Customer reply replied 4 months ago
schedule D is not required?

That is after you complete the 8949. IT tells you then to enter the amount on Schedule D.

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Customer reply replied 4 months ago
nothing goes in column (h)? and what would I put on line 2 at the bottom?

If this was your main home and that is how you know you do not pay tax (h) will $0

Line 2 is totals follow the form down after you do as I advise in the other post.

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If this is the only asset you have to report that you sold you will have $0 to carry to the Schedule D.

Did that clarify?

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Customer reply replied 4 months ago
would I list the total adjustments in column (g) part 2 on line 10, I had over $61,000 in improvements to the home or just let it go with the $9500 difference between purchase price $303K and selling price $312,500?

You compete all those just like normal. Add the improvements or not. The only reason you have to report is because of the 1099S. As long as this was your main home for at least 2 years out of the last 5 before you sold it is just a formality.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 4 months ago
I used the improvements on form 5405 to not have to pay back the first time homebuyer credit, should i be consistent?

Yes be consistent. You cannot claim a loss though so your bot***** *****ne will still be $0.

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Customer reply replied 4 months ago
ok, thanks, ***** ***** finishing up my forms and can i keep this line open for a bit?

I am going off line soon.

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 18,395
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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