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By David deForrest
General Manager
I sold my primary residence this year. What tax forms do I need to file?
According to the IRS, if you meet the ownership and use tests, you will generally only need to report the sale of your home if your gain is more than $250,000 ($500,000 if married filing a joint return). This means that during the 5-year period ending on the date of the sale, you must have:
- Owned the home for at least 2 years (the ownership test), and
- Lived in the home as your main home for at least 2 years (the use test).
For additional information on selling your home, refer to Publication 523, Selling Your Home.
References:
- Publication 523, Selling Your Home
- IRS publications for home-sale transactions Sale of your home - after May 6, 1997
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