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In 2017 I was a first time home seller, I invested the

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In 2017 I was...

In 2017 I was a first time home seller, I invested the proceeds in an investment acct.. how do I report this transaction and will it be taxe

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Well, I don't know if I should report the proceeds.

Submitted: 3 months ago.Category: Tax
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1/7/2018
Tax Professional: Richard, Tax Attorney replied 3 months ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,573
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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 Professional: Richard, Tax Attorney replied 3 months ago

Good morning. Can you provide me a bit more information? How long did you live in the house as your principal residence? How much did you pay for the house? How much did you sell it for? And, if you made any improvements to the house, what was the cost of those improvements? Thank you!

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Customer reply replied 3 months ago
27 years. Bought for 180k and sold for 355k. Owed 200k on mortgage. Installed new roof and windows. Combined costs 27k. It was my first and only residence.
Tax Professional: Richard, Tax Attorney replied 3 months ago

Thanks for your response. You are not going to owe any tax regardless of what you do with the money. Your gain is less than $250,000 (i.e., sale price in excess of purchase price plus improvements). Since this has been your principal residence for 27 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 did not exceeed $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

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Tax Professional: Richard, Tax Attorney replied 3 months ago

Just following up. My screen indicates that you have not reviewed my response. Please let me know if you did not receive it so I can re-send it if necessary. Thank you!

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!

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