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We sold our home, which was foreclosed in Jan. 2017. We also…

We sold our home...

We sold our home, which was foreclosed in Jan. 2017. We also filled bankruptcy in Dec. 2016 and the House was included. We got a 1099s from the title company. It sold for $195k. Do I need to fill out a schedule D?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No other than the BK was completed in 2017.

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Answered in 1 minute by:
3/20/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,144
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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If you sold the home then you would file to claim any gain you may have.

Was the home your primary residence, second home or rental property?

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Customer reply replied 1 month ago
Primary residence

Did you live in the home for at least two of the previous five years?

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Customer reply replied 1 month ago
we did.

Then you will not include the income in your tax return because you meet the conditions to exclude up to $250,000 for single filing tax payers and $500,000 for tax payers who file married filing jointly from your taxable income.

This exclusion is provided under 26 US Code 121 Exclusion of gain from sale of principal residence. Below is a link to the complete regulation

https://www.law.cornell.edu/uscode/text/26/121

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,144
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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Category: Tax
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