Sun Accounting Services

Seven considerations homeowners should take note of when in the process of selling a home:

5. Reported Sale
Taxpayers who don’t qualify to exclude all the taxable gain from their income must report the gain from the sale of their home when they file their tax return. Anyone who chooses not to claim the exclusion must report the taxable gain on their tax return. Taxpayers who receive Form 1099-S, Proceeds from Real Estate Transactions must report the sale on their tax return even if they have no taxable gain.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Seven considerations homeowners should take note of when in the process of selling a home:

4. Multiple Homes
Taxpayers who own more than one home can only exclude the gain on the sale of their main home. They must pay taxes on the gain from selling any other home.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected]. Also welcome to visit our website www.sunaccountingservices.com.

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Seven considerations homeowners should take note of when in the process of selling a home:

3. Losses
Some taxpayers experience a loss when their main home sells for less than what they paid for it. This loss is not deductible.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected]. Also welcome to visit our website: www.sunaccountingservices.com.

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

When selling your home, it's important for taxpayers to understand how such may affect their tax return. When one files their taxes, they may qualify to exclude all or part of any gain from the sale from their income.

Here are seven key considerations homeowners should take note of when in the process of selling a home:

1. Ownership and use
To claim the exclusion, the taxpayer must meet ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have owned the home and lived in it as their main home for at least two years.

For more information, please visit our website www.sunaccountingservices.com or feel free to contact us on either 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)