Jay wrote:

- quote -

Assuming this is not a rental and you never used any part
for a business, you can forget about reporting the sale.
There is nothing that you need to do other than to hold on
to your paperwork that reflects your cost basis for a few
years.

--
Alan
http://taxtopics.net

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Jay wrote:

- quote -

It appears that you meet the requirements, therefore there
is no tax to be paid on the sale of your home. That's the
good news.

Now the bad news. the home was a personal asset,
therefore, you have no deductible capital loss, either.

ChEAr$,
Harlan Lunsford, EA n LA

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"Jay" <jay.modlin[at]gmail.com> wrote:

- quote -

The sale is exempt, any loss would be non-deductible.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Jay <jay.modlin[at]gmail.com> wrote:

- quote -

Not quite:

$187,000 .. Sale Amount
-$ 9,350 .. Real Estate Agent commission
-$ 7,000 .. Buyer's credit
---------
$170,650 .. Net Sale Price

$168,500 .. Original Purchase Price
+$ 4,500 .. Improvements
--------
$173,000 .. Total Basis

The final result is still a capital loss of $2,350.

- quote -

Probably not.

- quote -

None; the loss on the sale of your house is a personal loss
and not deductible.

Seth

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In 2004, my wife and I sold our home, and purchased another
one (upgraded) across town.

We were wondering how to calculate the capital gain from our
sale.

Here's the breakdown...

* We purchased our old house in 2000 for $168,500 (this
was our 1st owned home.)
* Before we moved in, we replaced the furnace and added
A/C ... $1,500
* Also, we installed carpet ... $3,000
* We sold our old house in 2004 for $187,000
* We gave the buyers a $7,000 "credit", meaning it wasn't
taken off the sale price, but was given to them after
the sale of the property by us.
* We had to pay %5 commission to a real estate agent .. $9,350

So, based on the above conditions, we figured our capital
gain was really a loss..

$187,000 .. Sale Amount
-$ 9,350 .. Real Estate Agent commission
-$ 7,000 .. Buyer's credit
-$ 4,500 .. "Improvements" (i.e. A/C & carpet)
------------
$166,150 .. Adjusted Sale Amount
$168,500 .. Original Purchase Price
------------
-$ 2,350 .. Capital Loss

As of yet, we haven't received any TAX documents concerning
the sale of our house. The only TAX documents we've
received related to the house, are Mortgage Interests
Statements.

Questions:
Will we receive any official TAX documents concerning the
sale of our house?

Are the adjustments (deductions) above legal and appropriate?

What TAX form will we need to include in our return?

Thanks in advance to any and all advice,
Jason

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