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Published Dec 11, 21
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Your spouse also has not sold or exchanged another principal residence during the two-year period ending on the date of the sale or exchange of the residence. Essentially, the IRS does not require the real estate agent who closes the deal to use Form 1099-S to report a home sale amounting to $250,000 or less ($500,000 or less for married couples filing jointly).

If you don't receive the form, you don't need to report your home sale at all on your income tax return. If you did receive a Form 1099-S, that means the IRS got a copy as well. That doesn't necessarily mean you owe tax on the sale, though. It could be a mistake, or the closing agent might not have had the proper paperwork.

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Do make sure all your paperwork is in order to show the IRS if it asks. Figuring gain on the sale of a home You have a gain if you sell your house for more than it cost. Ah, but how do you calculate the real cost? For tax purposes, you need to pinpoint your adjusted basis to figure out whether or not you have gained or lost in the sale.

Capital improvements add value to your home, prolong its life, or give it a new or different use. They don't include expenses for routine maintenance and minor repairs, such as painting. Examples of improvements are a new roof, a remodeled kitchen, a swimming pool, or central air conditioning. You add these expenses to your original cost to increase your adjusted basis (which in turn decreases the amount of gain on a sale).

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If you postponed paying taxes on the gains from selling a previous home (as was allowed prior to mid-1997 for homeowners who used the profits to buy a more expensive replacement house), then you must also subtract that gain from your adjusted basis. So, let's say you bought a house for $50,000 in 1993, sold it for $75,000 in 1996, and postponed the tax on the $25,000 profit by purchasing a new home for $110,000.

$75,000 sale price - $50,000 original cost = $25,000 profit $110,000 new home cost - $25,000 non-taxed profit = $85,000 basis What is the original cost of my home? The original cost of your home, for most people, is the amount you paid for it. If you purchased your home from someone else, the price you paid is your purchase price (plus certain settlement and closing costs).

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Don't include: Items from your closing statement that are personal and routine expenses, such as insurance or homeowner association dues, or The prorated amounts for property taxes and interest. If you built your home, your original cost is the cost of the land, plus, the amount it cost you to construct your home, including, Amounts paid to your contractor and subcontractors, Your architect fees, if any, and Connection charges you paid to utility providers.

If the person died in 2010, special basis rules apply depending on your relationship to the deceased. Check with the executor of the estate, who should be able to provide you with information about the basis of your home. What is the adjusted basis of my home? The adjusted basis is simply the cost of your home adjusted for tax purposes by improvements you've made or deductions you've taken.

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If you then took an $8,000 casualty loss deduction, your adjusted basis becomes $97,000. $100,000 original cost +$5,000 patio = $105,000 adjusted basis $105,000 adjusted basis - $8,000 casualty loss deduction = $97,000 final adjusted basis. Here's how you calculate the adjusted basis on a home: Start with the purchase price of your home (as described above).

(See Postponed Gains Under the Old "Rollover" Rules section.) To that starting basis add: The cost of any improvements that added value to your home, prolonged its useful life, or gave it a new or different use Any special tax assessments you paid Amounts spent after a casualty (a disaster such as a hurricane or tornado) to restore damaged property From that upwardly adjusted basis, subtract: Certain settlement fees or closing costs Depreciation allowed for any business use portion of your home Residential energy credits claimed for capital improvements Payments received for easements or right-of-ways Insurance reimbursements for casualty losses Casualty losses (from accidents and natural disasters) that you deducted on your tax return Adoption credits or nontaxable adoption assistance payments for improvements added to the basis of your home First-time homebuyer credit Energy conservation subsidies excluded from your gross income Any mortgage debt on your principal residence that was discharged after 2006, if you excluded this amount from your gross income.

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This adjusted basis is what's considered to be your cost of the home for tax purposes. Basis when you inherit a home If you inherited your home from your spouse in any year except 2010 and you lived in a community property state—Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin—your basis will generally be the fair market value of the home at the time of your spouse's death.

If your spouse solely owned the home, for example, the entire basis would be "stepped up" to date-of-death value. If you and your spouse jointly owned the home, then half of the basis would rise to date-of-death value. If you inherited your home from someone other than your spouse in any year except 2010, your basis will generally be the fair market value of the home at the time the previous owner died.

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Your basis generally is the same as the person you inherited the property from. The executor has the option to increase the basis of property passing to a non-spouse by $1. 3 million and property passing to a spouse by $3 million. To find out the exact basis of any property you inherit, check with the estate’s executor.

So, if your former spouse was the sole owner of the home, his or her basis becomes your basis. If the place was jointly owned, you now claim the full basis. If you divorced before July 19, 1984, your basis will generally be the fair market value at the time you received it.

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Under the old rules, this was referred to as "rolling over" gain from one home to the next. This postponed gain will affect your adjusted basis if you are selling that new home. The tax on that original sale wasn't eliminated, just deferred to some future date. You can no longer postpone gain on the sale of your personal residence.

You no longer have the option to postpone paying taxes on the gain by purchasing a more expensive residence. To see how a rollover of gain prior to the change in the law can affect your profit, consider this example: Let's say you bought a house for $50,000 in 1993, sold it for $75,000 in 1996, and postponed the tax on the $25,000 profit by purchasing a new home for $110,000.