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Learn how to exclude gain from the sale of your home, calculate your taxable gain, and report the transaction on your tax return. Use the worksheets provided in this publication to figure your exclusion, gain, and taxable amount.
- About Publication 523, Selling Your Home
This publication explains the tax rules that apply when you...
- 2018 Publication 523
The exclusion is increased to $500,000 for a married couple...
- 2017 Publication 523
16:00 - 30-Jan-2018. The type and rule above prints on all...
- Business or Rental Use of Home
Include the total amount you re-ceived, all of your basis...
- Forms, Instructions and Publications
The latest versions of IRS forms, instructions, and...
- About Publication 523, Selling Your Home
Feb 22, 2024 · This publication explains the tax rules that apply when you sell (or otherwise give up ownership of) a home. Current revision Publication 523 PDF ( HTML | eBook EPUB )
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This is the 2018 edition of IRS Publication 523, which explains the tax rules for selling your home. It is currently being revised to reflect legislation enacted in December 2019 and will be updated soon.
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Use this worksheet to find your exclusion limit for the sale of your home. It depends on your status, eligibility, and the shortest of three periods: residence, ownership, or look-back.
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- Worksheet 2. How To Figure Your Gain or Loss
- 1. Determine the sale price. This is everything you received for selling your home.
- Worksheet 2. How To Figure Your Gain or Loss Continued p. 2
- 4. Determine your “total basis” (the total amount you invested in your home). This includes what you paid for your home as well as other money you may have spent that added to its value.
- Worksheet 2. How To Figure Your Gain or Loss Continued p. 3
If you have questions as you work through these step-by-step instructions, or want examples of costs that can and can’t be included, see Basis Adjustments—Details and Exceptions. If married filing jointly, figure gain or loss for both spouses together. If single or married filing separately, figure gain or loss as an individual. If the home you sol...
All money (currency, check, wire transfer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The fair market value of any other property or services you received . . . . . . . . . . . . . . . . . . . . . . . . The value of any notes, mortgages, or other debts that the buyer agreed to assume (take over) ...
2. Determine your selling expenses. These are the costs directly associated with selling your home. Any sales commissions (for example, a real estate agent's sales commission) . . . . . . . . . . . . . . . Any advertising fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
The amount you paid for your home (or if you built your home, the cost of the land). Include any down payment and any amount you borrowed to pay for the home. For cooperative apartments, include the value of the corporation stock you purchased. If you acquired your home through inheritance, gift, bargain sale, trade, or anything except a fair marke...
5. Determine your “basis adjustments” (any payments, credits, or benefits you may need to deduct from your basis). Any depreciation you took or were allowed to take for use of your home for business or rental purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
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Worksheets. This publication includes worksheets youPublication can use to figure your gain (or loss) and your exclusion. 521 Moving Expenses Use Worksheet 1 to figure the adjusted basis of the home you sold. Use Worksheet 2 to figure the gain (or loss), the 527 Residential Rental Property exclusion, and the taxable gain (if any) on the sale ...
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