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If I sold a house and bought a more expensive house within a…

If I sold a...

If I sold a house and bought a more expensive house within a year is ther any tax liability?

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

Which form do I need to fill out If I have a 1099s. The house sold for 595,000 and the new house cost 650,000

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

These are net cost with out deducting real-estate agent fees. We bought the home we sold 48 years ago for $44,000

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Answered in 5 minutes by:
3/8/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,219
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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You bought the house 48 years ago but did you always use it as your main home?

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Your gain is the difference in the $44k plus improvements and the $595k less costs to sale.

You can exclude up to $500,000 of that gain if married filing joint. You would pay tax on any amount left over.

That is about $50,000 right now. So you need to think about any improvements to reduce that he costs to sale.

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To report this sale on the 8949 and claim your exclusion, Report the sale or exchange on Form 8949 as you would if you weren't taking the exclusion. Then enter the amount of the exclusion as a negative number (in parentheses) in column (g).

It does not matter anymore if you replaced the home later. They changed those rules back in 1998.

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
Would Real estate commission of $23,000 & local filing fees of $2,000 be considered deduction against $50,000?

The sales commission YES

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Did you ever put on a new roof, new windows. new heating and air...................all these things add to the cost. As long as it was not just maintenance or repair it counts even landscaping.

You should be able to whittle down that remaining $27k

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

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,219
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
Thank you. I will check 5 stars for the quick response and help.

Thank you and great return on that investment!!!!

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Customer reply replied 4 months ago
I have the additional improvements to cover well above the balance.
Thank you!

You are most welcome

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