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#7
07-26-2004, 05:10 AM
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 Re: Tax on Selling a Home "Andy in Fink" <jungleandy[at]hotmail.com> wrote: - quote - > We recently sold our home, and I am aware that the selling price was
If your sale resulted in a gain of less than $500,000, and> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? > Or, do we just ignore the whole thing, and fill out our tax forms like we > did last year...??? you meet the qualifying condition of ownership and residency, then the gain is EXCLUDED from all tax. It is not reported on your tax forms. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
07-23-2004, 02:00 PM
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| Re: Tax on Selling a Home "Andy in Fink" <jungleandy[at]hotmail.com> wrote: - quote - > We recently sold our home, and I am aware that the selling price was
Ignore it.> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? > Or, do we just ignore the whole thing, and fill out our tax forms like we > did > last year...??? > Thanks for your reply, -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
07-23-2004, 06:03 AM
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| Re: Tax on Selling a Home Andy in Fink wrote: - quote - > We recently sold our home, and I am aware that the selling price was
You can ignore it and report nothing as long as you don't> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? > Or, do we just ignore the whole thing, and fill out our tax forms like we > did > last year...??? receive a copy of Form 1099-S reporting the sale to the IRS. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
07-23-2004, 05:44 AM
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| Re: Tax on Selling a Home "Andy in Fink" <jungleandy[at]hotmail.com> writes: - quote - > We recently sold our home, and I am aware that the selling price was
No. See the instructions for Schedule D.> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
07-23-2004, 05:25 AM
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| Re: Tax on Selling a Home "Andy in Fink" <jungleandy[at]hotmail.com> wrote - quote - > We recently sold our home, and I am aware that the selling price was
Generally, no. The closing attorney should have asked if> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? the home met the criteria for exemption, and if so, they shouldn't even send a 1099 on the sales proceeds. - quote - > Or, do we just ignore the whole thing, and fill out our tax forms like we
Hopefully, you'll use the current years numbers, but yes.> did last year...??? Just ignore the sales proceeds. They aren't income, nor are they reportable. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
07-23-2004, 05:06 AM
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| Re: Tax on Selling a Home "Andy in Fink" <jungleandy[at]hotmail.com> wrote: - quote - > We recently sold our home, and I am aware that the selling price was
If all you stated is true, you need not report anything> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? > Or, do we just ignore the whole thing, and fill out our tax forms like we > did last year...??? anywhere on your return. Wayne Brasch, CPA, M. S. Taxation << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
07-23-2004, 04:46 AM
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| Re: Tax on Selling a Home - quote - > We recently sold our home, and I am aware that the selling price was
If you qualify for the exclusion, forget about it!!! You> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? > Or, do we just ignore the whole thing, and fill out our tax forms like we > did > last year...??? need not report the sale on your federal tax return. "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!=  << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-23-2004, 04:46 AM
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| Re: Tax on Selling a Home Andy in Fink wrote: - quote - > We recently sold our home, and I am aware that the selling price was
If you didn't (or don't) get a 1099S for the sale, you> well under the exemption limit, and that we meet all of the criteria and > no income tax is due. > My question is : Are we supposed to fill out any form when we do our > 2004 taxes to report the sale and verify that no tax is due ? aren't supposed to report the sale. If you DID, you had better, following the instructions for reporting a partial exclusion. That being said -- if you're not SURE you meet the two "2/5 year" requirements, it might be better if fill out the two lines on Schedule D, so you can't be accused of attempting to avoid reporting income. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-21-2004, 06:55 AM
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| Tax on Selling a Home We recently sold our home, and I am aware that the selling price was well under the exemption limit, and that we meet all of the criteria and no income tax is due. My question is : Are we supposed to fill out any form when we do our 2004 taxes to report the sale and verify that no tax is due ? Or, do we just ignore the whole thing, and fill out our tax forms like we did last year...??? Thanks for your reply, Andy -- << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| home, selling, tax |
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