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    #1

    Home Exclusion

    If you sold your main home in 2005, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). See Excluding the Gain, later. If you can exclude all of the gain, you do not need to report the sale on your tax return.


    I hearing rumors this might change?
    Tags: None
    #2
    Originally posted by Unregistered
    If you sold your main home in 2005, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). See Excluding the Gain, later. If you can exclude all of the gain, you do not need to report the sale on your tax return.


    I hearing rumors this might change?
    It's true you do not need to report the sale on your tax return. I did not hear that it would change.
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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      #3
      Exclusion

      If for some reason a 1099-S was issued you would have to report the sale on Schedule D and take the exclusion on line 2.
      Confucius say:
      He who sits on tack is better off.

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        #4
        Originally posted by Unregistered
        I hearing rumors this might change?
        No sane politician would dare suggest that.

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          #5
          Originally posted by rosieea
          No sane politician would dare suggest that.
          I didn't know any politicians were sane.

          Learn something new every day....

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            #6
            Sane

            I'll bet somewhere in this world there is a politician named "Sane".

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            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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