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Is it true that if you sell your house and the capital gains…

Is it true that if...
Is it true that if you sell your house and the capital gains you receive does not go over the $250.00.00 exclusion amount, that it is not necessary to report it on your tax returns?
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Answered in 5 minutes by:
3/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,650
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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Kind of like that...................If you sale your main home (you owned and lived there for at least 2 years out of the 5 years before the sale ) you can exclude up to $250,000 of the gain if single . That goes up to $500,000 if married filing joint.

If you are able to eliminate all the gain under the rule, and you do not receive a 1099S you do not have to report the sale.

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 1 month ago
what if you have a $50,000.00 profit?

If it is you rmain home (as I explained above) and you do not receive a 1099S you can exclude that $50k and you do not have to report it when you file.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,650
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 1 month ago
what if you have a $50,000.00 profit? Thanks that answers my question.

You are most welcome.

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