{"id":1186,"date":"2018-02-16T18:59:35","date_gmt":"2018-02-16T23:59:35","guid":{"rendered":"https:\/\/www.etax.com\/blog\/?p=1186"},"modified":"2019-07-09T14:21:45","modified_gmt":"2019-07-09T18:21:45","slug":"real-estate-sales","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2018\/02\/16\/real-estate-sales\/","title":{"rendered":"Real Estate Sales"},"content":{"rendered":"<p class=\"p2\"><span class=\"s2\">At tax time, you have to be cognizant of any sales of houses or other real estate that you made during the past year, as they can have tax implications. You\u2019ll need to report the sale of your home or other structures, including land (with added improvements or not) and interest in condos and cooperative housing projects. Most real estate sales are included, though if you sold a mobile home and it wasn\u2019t situated on a permanent foundation, the sale is exempt.<\/span><\/p>\n<h4 class=\"p2\"><span class=\"s1\"><b>Form 1099-S<\/b><\/span><\/h4>\n<p class=\"p2\"><span class=\"s2\">Real estate sales are reported on a Form 1099-S. After the closing of the sale, the agent will file a 1099-S with the IRS. If you did not use an agent, your mortgage lender, broker, or the first person listed on the ownership transfer documents is responsible for filing the 1099. The Form 1099-S reports all those involved in the sale and the proceeds, including who received the money as a result of the sale. <\/span><\/p>\n<h4 class=\"p2\"><span class=\"s1\"><b>Exclusions<\/b><\/span><\/h4>\n<p class=\"p2\"><span class=\"s2\">If you sold your primary residence which you both owned and lived in for at least two of the five years prior to the sale, you won\u2019t have to include any profit or gain from the sale when you calculate your taxable income. The exclusion amount is limited at $250,000 for single filers, and up to $500,000 for married filing jointly. The gain exclusion has to be on only one house and not on rental property, however the exclusion applies to individual homes and condos and co-ops. <\/span><\/p>\n<h4 class=\"p2\"><span class=\"s1\"><b>Other Exemptions<\/b><\/span><\/h4>\n<p class=\"p2\"><span class=\"s2\">Military servicemembers, disabled homeowners, or those who had a home destroyed by a natural <a href=\"https:\/\/www.etax.com\/blog\/2024\/10\/15\/disaster-loss-tax-deduction\/\">disaster<\/a> or accidental cause are subject to special exemptions. Form 8949 will help determine which exemptions apply and will calculate whether the transaction is a gain or a loss. Gains above the exemption threshold will be taxed, but losses can\u2019t be deducted. If you financed the sale, you\u2019ll need to report principal and interest payments. <\/span><\/p>\n<h4 class=\"p2\"><span class=\"s1\"><b>Capital Gains<\/b><\/span><\/h4>\n<p class=\"p2\"><span class=\"s2\">If you have a gain to report, you\u2019ll have to complete a Form 8949, documenting the transaction along with a Schedule D to calculate the tax on <a href=\"https:\/\/www.etax.com\/blog\/2025\/07\/15\/how-to-pay-0-capital-gains-tax-in-2025-and-make-over-100k-doing-it\/\">capital gains<\/a>. Whether the gain is considered long-term or short-term depends on how long you owned the original property for. The exemption limits for gains is $250,000 single and $500,000 married, as any amount above this will need to be reported on Line 13 on the Form 1040. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At tax time, you have to be cognizant of any sales of houses or other real estate that you made during the past year, as they can have tax implications. You\u2019ll need to report the sale of your home or other structures, including land (with added improvements or not) and interest in condos and cooperative [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121],"tags":[584,147,583,249],"class_list":["post-1186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income","tag-1099-s","tag-form-8949","tag-real-estate-sales","tag-taxable-income"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real Estate Sales - eTax.com\u00ae Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.etax.com\/blog\/2018\/02\/16\/real-estate-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Estate Sales - eTax.com\u00ae Blog\" \/>\n<meta property=\"og:description\" content=\"At tax time, you have to be cognizant of any sales of houses or other real estate that you made during the past year, as they can have tax implications. 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