All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Pioneer
Posts: 1
Registered: ‎01-23-2018

Sale of main home

In 2017 I sold a home in which I lived for the past 4 years. My ex-wife who was a co-owner agreed to use the money proceeding from the sale of the house to pay debt that we acquired jointly. Must the sale of the home be reported in both her and my tax returns? or just one of us must report the income? 

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Trusted Council Member
Posts: 6,191
Registered: ‎02-23-2016

Re: Sale of main home

Hi cj1961,

 

 

 

Welcome to the H&R Block community.

 

You'll report the sale on both tax returns.  Each of you must report your share of the gain if you had a gain.

 

If you owned the home equally, then you would each report 50% of the gain on Form 8949 / Schedule D.

 

Note that if you (1) lived in the home for 2 out of the last 5 years, (2) owned the home for 2 out of the last five years, and (3) did not exclude gain from the sale of a home in the last two years, then you can exclude some of your gain from taxation.  You can each exclude up to $250,000 of gain from being taxed provided that you meet the three requirements I just mentioned.

 

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)

Pioneer
Posts: 2
Registered: ‎04-01-2018

Re: Sale of main home

Hello, is it safe to say that if I qualify for the home sale exclusion, I do not have to file anything extra, just my 1040? 

 

There are some expenses that I'd like to benefit from, and I was attempting to place them on the deductions screen. 

 

Additionally, I paid a lot of taxes when buying a new home (sold and bought in same year), and I am not sure if the taxes paid at closing are represented in my real estate tax total on my mortgage 1098, or closing taxes were paid in addition to what is shown on 1098.

 

Thanks for your help.