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Residence - My Home

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  4. I sold my residence. How much is taxable and how do I report it?

I sold my residence. How much is taxable and how do I report it?

A married couple owned and have lived in their principal residence for at least two years during the past 5 years period ending on the date of sale, filing a joint return can exclude up to $500,000 and a non-joint return can exclud $250,000. Form 2119 (sale of residence) has been discontinued by the IRS. The taxable gain after the exclusion will be reported on Schedule D. You cannot deduct a loss on the sale of your residence.

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