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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15731
Experience:  15years with H & R Block. Divisional leader, Instructor
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Which form do I use to list the home sale expenses

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Which form do I use to list the home sale expenses

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.

You report the sale of your home on form 8949 if you are required to report. There is a worksheet in IRS publication 523 that you can use to list the expenses and see if you have a gain. It does not get sent in with the return.

If you have taxable gain on your home sale and don’t qualify to exclude, then you have to report the sale.

If you received a Form 1099-S. you must report the sale even if you have no taxable gain to report.

This gets reported on form 8949 and then you carry the gain that you cannot exclude to Schedule D.

Please let me know by posting below if you need clarification and so I know you could view the answer. If you do not require more information, a positive 5 star rating is appreciated.

Customer: replied 6 months ago.
I received a 1099-S which I assume gets submitted to the IRS. The sales price is listed on this document. The amount received is a different amount. The document which the lawyers gave me which accompanies the 1099-S (I think it's called the HUD document) shows all the expenses associated with the sale. Then it shows the actual amount of money which the buyer gives to the seller.
On what document does the sales price get recorded?
On what document does this "amount received" get recorded?
On what document can one list the additional expenses (renovation of property, etc.) that are not on the HUD Document?
Are these questions still part of the $38 I've already paid? If not you needn't answer them. Thanks.

Form 8949 is where you list the amounts. The sale itself is listed on 8949 form.

Robin D. and other Tax Specialists are ready to help you
Customer: replied 5 months ago.
Thanks, Robin. If I run into problems I'll get back in touch with you

Glad to have assisted you