How do I report the sale of my home on my taxes?
An example of an AI chatbot conversation about reporting home sale on taxes.
How do I report the sale of my home on my taxes?
To report the sale of your home, you'll need to fill out IRS Form 8949 and Schedule D. Have you sold your home for a profit?
Yes, I sold it for $300,000 and bought it for $200,000.
Great! Since you made a profit of $100,000, you may qualify for the home sale exclusion. Did you live in the home for at least two of the last five years?
Yes, I lived there for three years.
Perfect! You can exclude up to $250,000 of the gain if you're single, or $500,000 if you're married. Make sure to keep records of your purchase and sale.
What if I didn't live there for two years?
If you didn't meet the two-year requirement, you may still qualify for a partial exclusion under certain circumstances, like a job change or health issues.
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