I know this question has been discussed thousand times. But let me ask once more.
If a taxpayer has sold his primary residence, he is qualified for the sale of home capital gain exclusion and none of the gain is taxable, would you still report the transaction on a Schedule D?
I think, please correct me if I am wrong, the IRS publication says do not report it. But I also remember some people pointed out the potential confusion/problem of not reporting it so they suggest to report it on a Schedule D with no capital gain anyway.
Which is the way to go?
If a taxpayer has sold his primary residence, he is qualified for the sale of home capital gain exclusion and none of the gain is taxable, would you still report the transaction on a Schedule D?
I think, please correct me if I am wrong, the IRS publication says do not report it. But I also remember some people pointed out the potential confusion/problem of not reporting it so they suggest to report it on a Schedule D with no capital gain anyway.
Which is the way to go?
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