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#5
04-08-2006, 10:05 AM
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 Re: Do I have to report the reason for capital gain exclusion on sale of primary residency held for < 2 years? Shivani" <shivanishah_2004[at]yahoo.com> wrote: - quote - > Herb Smith wrote:
Your last question is best answered in the TurboTax user> > Since you are requesting a partial exclusion (i.e. up to > > $500,000 x 0.75 = $375,000) on your gain, the sale should be > > reported on your Schedule D, with an explanatory statement > > attached. > > > If your gain on sale exceeds $375,000, you will owe tax on > > the amount in excess (Long Term rate, maximum of 15%). > Now that's conflicting advise. Some people have written that > I do not need to report anything and you say I need to > report on Schedule D? My gain is way less than $375,000. Do > I still need to report on Schedule D? If I am using turbo > tax, how do I attach explanatory statement? forum: http://forums.turbotax.com/?lid=site_header -- Vic Roberts Replace xxx with vdr in e-mail address. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#4
04-07-2006, 06:37 AM
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| Re: Do I have to report the reason for capital gain exclusion on sale of primary residency held for < 2 years? Herb Smith wrote: - quote - > Since you are requesting a partial exclusion (i.e. up to
Now that's conflicting advise. Some people have written that> $500,000 x 0.75 = $375,000) on your gain, the sale should be > reported on your Schedule D, with an explanatory statement > attached. > If your gain on sale exceeds $375,000, you will owe tax on > the amount in excess (Long Term rate, maximum of 15%). I do not need to report anything and you say I need to report on Schedule D? My gain is way less than $375,000. Do I still need to report on Schedule D? If I am using turbo tax, how do I attach explanatory statement? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
03-19-2006, 07:07 AM
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| Re: Do I have to report the reason for capital gain exclusion on sale of primary residency held for < 2 years? Herb Smith wrote: - quote - > Since you are requesting a partial exclusion (i.e. up to
Now that's conflicting advise. Some people have written that> $500,000 x 0.75 = $375,000) on your gain, the sale should be > reported on your Schedule D, with an explanatory statement > attached. > If your gain on sale exceeds $375,000, you will owe tax on > the amount in excess (Long Term rate, maximum of 15%). I do not need to report anything and you say I need to report on Schedule D? My gain is way less than $375,000. Do I still need to report on Schedule D? If I am using turbo tax, how do I attach explanatory statement? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
03-08-2006, 03:22 AM
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| Re: Do I have to report the reason for capital gain exclusion on sale of primary residency held for < 2 years? Shivani wrote: - quote - > We moved from one state to another and sold our primary
The answer is that it is pro-rated. Any good tax preparer> residency which we had held for 18 months. We moved because > my spouse got a job in another state and my employer > transfered me to that state too. I called IRS and explianed > the situation to them and they told me that since we are > moving because my spouse found a new job (unemployed to > new), we would be exempted from paying the tax on capital > gains. Do I have to report this while filing the taxes? will be able to handle this problem. Missy Doyle << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
03-08-2006, 03:22 AM
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| Re: Do I have to report the reason for capital gain exclusion on sale of primary residency held for < 2 years? Shivani wrote: - quote - > We moved from one state to another and sold our primary
Since you are requesting a partial exclusion (i.e. up to> residency which we had held for 18 months. We moved because > my spouse got a job in another state and my employer > transfered me to that state too. I called IRS and explianed > the situation to them and they told me that since we are > moving because my spouse found a new job (unemployed to > new), we would be exempted from paying the tax on capital > gains. Do I have to report this while filing the taxes? $500,000 x 0.75 = $375,000) on your gain, the sale should be reported on your Schedule D, with an explanatory statement attached. If your gain on sale exceeds $375,000, you will owe tax on the amount in excess (Long Term rate, maximum of 15%). << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-08-2006, 02:06 AM
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| Re: Do I have to report the reason for capital gain exclusion on sale of primary residency held for < 2 years? "Shivani" <shivanishah_2004[at]yahoo.com> wrote: - quote - > We moved from one state to another and sold our primary
All IRS could have told you from what you told us is that it> residency which we had held for 18 months. We moved because > my spouse got a job in another state and my employer > transfered me to that state too. I called IRS and explianed > the situation to them and they told me that since we are > moving because my spouse found a new job (unemployed to > new), we would be exempted from paying the tax on capital > gains. Do I have to report this while filing the taxes? sounds like you qualify for the reduced exclusion explained in Publication 523. If it turns out that your entire gain is excludable, you report nothing, per the 1040 instructions. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-06-2006, 03:09 AM
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| Do I have to report the reason for capital gain exclusion on sale of primary residency held for < 2 years? We moved from one state to another and sold our primary residency which we had held for 18 months. We moved because my spouse got a job in another state and my employer transfered me to that state too. I called IRS and explianed the situation to them and they told me that since we are moving because my spouse found a new job (unemployed to new), we would be exempted from paying the tax on capital gains. Do I have to report this while filing the taxes? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| <, capital, exclusion, gain, held, primary, reason, report, residency, sale, years |
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