Table of Contents
This section explains the term “main home.” Usually, the home you live in most of the time is your main home and can be a:
To exclude gain under the rules in this publication, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale.
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The vacant land is adjacent to land containing your home,
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You owned and used the vacant land as part of your main home,
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The separate sale of your home satisfies the requirements for exclusion and occurs within 2 years before or 2 years after the date of the sale of the vacant land, and
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The other requirements for excluding gain from the sale of a main home have been satisfied with respect to the vacant land.
Example 1.
You own two homes, one in New York and one in Florida. From 2008 through 2012, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. In the absence of facts and circumstances indicating otherwise, the New York home is your main home. You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2012.
Example 2.
You own a house, but you live in another house that you rent. The rented house is your main home.
Example 3.
You own two homes, one in Virginia and one in New Hampshire. In 2008 and 2009, you lived in the Virginia home. In 2010 and 2011, you lived in the New Hampshire home. In 2012, you lived again in the Virginia home. Your main home in 2008, 2009, and 2012 is the Virginia home. Your main home in 2010 and 2011 is the New Hampshire home. You would be eligible to exclude gain from the sale of either home (but not both) in 2012.
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Your place of employment.
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The location of your family members' main home.
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Your mailing address for bills and correspondence.
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The address listed on your:
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Federal and state tax returns,
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Driver's license,
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Car registration, and
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Voter registration card.
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The location of the banks you use.
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The location of recreational clubs and religious organizations of which you are a member.
To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. Subtract the adjusted basis from the amount realized to get your gain or loss.
The selling price is the total amount you receive for your home. It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale.
While you owned your home, you may have made adjustments (increases or decreases) to the basis. This adjusted basis must be determined before you can figure gain or loss on the sale of your home. For information on how to figure your home's adjusted basis, see Determining Basis , later.
To figure the amount of gain or loss, compare the amount realized to the adjusted basis.
Some special rules apply to other dispositions of your main home.
Example.
You owned and lived in a home with an adjusted basis of $41,000. A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 − $41,000).
If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed).
You need to know your basis in your home to figure any gain or loss when you sell it. Your basis in your home is determined by how you got the home. Generally, your basis is its cost if you bought it or built it. If you got it in some other way (inheritance, gift, etc.), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner.
While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home.
To figure your adjusted basis, you can use Worksheet 1, near the end of this publication. Filled-in examples of that worksheet are included in the Comprehensive Examples , later.
The cost of property is the amount you paid for it in cash, debt obligations, other property, or services.
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Abstract fees (abstract of title fees),
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Charges for installing utility services,
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Legal fees (including fees for the title search and preparing the sales contract and deed),
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Recording fees,
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Survey fees,
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Transfer or stamp taxes,
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Owner's title insurance, and
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Any amounts the seller owes that you agree to pay, such as:
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Fire insurance premiums,
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Rent for occupancy of the house before closing,
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Charges for utilities or other services related to occupancy of the house before closing,
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Any fee or cost that you deducted as a moving expense (allowed for certain fees and costs before 1994),
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Charges connected with getting a mortgage loan, such as:
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Fees for refinancing a mortgage.
| IF... | AND... | THEN the taxes... |
| you pay taxes that the seller owed on the home up to the date of sale | the seller does not reimburse you | are added to the basis of your home. |
| the seller reimburses you | do not affect the basis of your home. | |
| the seller pays taxes for you (taxes owed beginning on the date of sale) | you do not reimburse the seller | are subtracted from the basis of your home. |
| you reimburse the seller | do not affect the basis of your home. |
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The cost of the land, plus
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The amount it cost you to complete the house, including:
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The value of your own labor, or
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The value of any other labor you did not pay for.
You must use a basis other than cost, such as adjusted basis or fair market value, if you received your home as a gift, inheritance, a trade, or from your spouse. These situations are discussed in the following pages. Also, the instructions for Worksheet 1 (near the end of the publication) address each of these issues.
Other special rules may apply in certain situations. If you converted the property, or some part of it, to business or rental use, see Property Changed to Business or Rental Use, in Publication 551.
| IF the donor's adjusted basis at the time of the gift was... | THEN your basis is... |
| more than the fair market value of the home at that time | the same as the donor's adjusted basis at the time of the gift. Exception: If using the donor's adjusted basis results in a loss when you sell the home, you must use the fair market value of the home at the time of the gift as your basis. If using the fair market value results in a gain, you have neither gain nor loss. |
| equal to or less than the fair market value at that time, and you received the gift before 1977 | the smaller of the: • donor's adjusted basis, plus any federal gift tax paid on the gift, or • the home's fair market value at the time of the gift. |
| equal to or less than the fair market value at that time, and you received the gift after 1976 | the same as the donor's adjusted basis, plus the part of any federal gift tax paid that is due to the net increase in value of the home (explained next). |
Example.
Your jointly owned home (owned as joint tenants with right of survivorship) had an adjusted basis of $50,000 on the date of your spouse's death, and the fair market value on that date was $100,000. Your new basis in the home is $75,000 ($25,000 for one-half of the adjusted basis plus $50,000 for one-half of the fair market value).
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Publication 547, in the case of a home that was destroyed, or
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Chapter 1 of Publication 544, in the case of a home that was condemned.
Example.
A fire destroyed your home that you owned and used for only 6 months. The home had an adjusted basis of $80,000 and the insurance company paid you $130,000 for the loss. Your gain is $50,000 ($130,000 − $80,000). You bought a replacement home for $100,000. The part of your gain that is taxable is $30,000 ($130,000 − $100,000), the unspent part of the payment from the insurance company. The rest of the gain ($20,000) is not taxable, so that amount reduces your basis in the new home. The basis of the new home is figured as follows.
| Cost of replacement home | $100,000 |
| Minus: Gain not recognized | 20,000 |
| Basis of the replacement home | $80,000 |
Adjusted basis is your cost or other basis increased or decreased by certain amounts.
To figure your adjusted basis, you can use Worksheet 1, found toward the end of this publication. Filled-in examples of that worksheet are included in Comprehensive Examples , later.
The records you should keep include:
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Proof of the home's purchase price and purchase expenses;
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Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis;
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Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain;
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Any Form 982 you filed to exclude any discharge of qualified principal residence indebtedness;
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Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997; and
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Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations.
These include the following.
| Additions Bedroom Bathroom Deck Garage Porch Patio |
Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system |
| Lawn & Grounds Landscaping Driveway Walkway Fence Retaining wall Sprinkler system Swimming pool Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system |
Plumbing Septic system Water heater Soft water system Filtration system Interior Improvements Built-in appliances Kitchen modernization Flooring Wall-to-wall carpeting Insulation Attic Walls Floors Pipes and duct work |
These include the following.
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Discharge of qualified principal residence indebtedness that was excluded from income (but not below zero). For details, see Publication 4681.
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Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. For details, see Publication 4681.
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Gain you postponed from the sale of a previous home before May 7, 1997.
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Insurance payments you received or expect to receive for casualty losses.
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Payments you received for granting an easement or right-of-way.
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Depreciation allowed or allowable if you used your home for business or rental purposes.
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Residential energy credit (generally allowed from 1977 through 1987) claimed for the cost of energy improvements that you added to the basis of your home.
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Nonbusiness energy property credit (allowed beginning in 2006 but not for 2008) claimed for making certain energy saving improvements you added to the basis of your home.
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Residential energy efficient property credit (allowed beginning in 2006) claimed for making certain energy saving improvements you added to the basis of your home.
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Adoption credit you claimed for improvements added to the basis of your home.
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Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home.
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Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home.
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District of Columbia first-time homebuyer credit (allowed on the purchase of a principal residence in the District of Columbia beginning on August 5, 1997, and before January 1, 2012).
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General sales taxes (allowed beginning 2004 and ending before 2014) claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home.
You may qualify to exclude from your income all or part of any gain from the sale of your main home. This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. To qualify, you must meet the ownership and use tests described later.
You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. This choice can be made (or revoked) at any time before the expiration of a 3-year period beginning on the due date of your return (not including extensions) for the year of the sale.
You can use Worksheet 2 (near the end of this publication) to figure the amount of your exclusion and your taxable gain, if any.
You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true.
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You meet the ownership test.
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You meet the use test.
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During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.
For details on gain allocated to periods of nonqualified use, see Nonqualified Use , later.
If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed.
You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons .
To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:
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Owned the home for at least 2 years (the ownership test), and
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Lived in the home as your main home for at least 2 years (the use test).
Example 1—home owned and occupied for at least 2 years.
Mya bought and moved into her main home in September 2009. She sold the home at a gain on September 15, 2012. During the 5-year period ending on the date of sale (September 16, 2009 – September 15, 2012), she owned and lived in the home for more than 2 years. She meets the ownership and use tests.
Example 2—ownership test met but use test not met.
Ayden bought a home in 2007. After living in it for 6 months, he moved out. He never lived in the home again and sold it at a gain on June 28, 2012. He owned the home during the entire 5-year period ending on the date of sale (June 29, 2007 – June 28, 2012). However, he did not live in it for the required 2 years. He meets the ownership test but not the use test. He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later).
The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time.
You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale.
Example.
Naomi bought and moved into a house in July 2008. She lived there for 13 months and then moved in with a friend. She moved back into her own house in 2011 and lived there for 12 months until she sold it in July 2012. Naomi meets the ownership and use tests because, during the 5-year period ending on the date of sale, she owned the house for more than 2 years and lived in it for a total of 25 (13 + 12) months.
Example 1.
David Johnson, who is single, bought and moved into his home on February 1, 2010. Each year during 2010 and 2011, David left his home for a 2-month summer vacation. David sold the house on March 1, 2012. Although the total time David lived in his home is less than 2 years (21 months), he meets the use requirement and may exclude gain. The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years.
Example 2.
Professor Paul Beard, who is single, bought and moved into a house on August 28, 2009. He lived in it as his main home continuously until January 5, 2011, when he went abroad for a 1-year sabbatical leave. On February 6, 2012, 1 month after returning from his leave, Paul sold the house at a gain. Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. He cannot exclude any part of his gain because he did not use the residence for the required 2 years.
Example.
Beginning in 2001, Helen Jones lived in a rented apartment. The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2009. In 2010, Helen became ill and on April 14 of that year she moved to her daughter's home. On July 12, 2012, while still living in her daughter's home, she sold her condominium.
Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2007, to July 12, 2012, the date she sold the condominium. She owned her condominium from December 3, 2009, to July 12, 2012 (more than 2 years). She lived in the property from July 13, 2007 (the beginning of the 5-year period), to April 14, 2010 (more than 2 years).
The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use.
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Owned the stock for at least 2 years, and
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Lived in the house or apartment that the stock entitled you to occupy as your main home for at least 2 years.
The following sections contain exceptions to the ownership and use tests for certain taxpayers.
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You become physically or mentally unable to care for yourself, and
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You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home.
Example.
John bought and moved into a home in 2004. He lived in it as his main home for 2½ years. For the next 6 years, he did not live in it because he was on qualified official extended duty with the Army. He then sold the home at a gain in 2012. To meet the use test, John chooses to suspend the 5-year test period for the 6 years he was on qualified official extended duty. This means he can disregard those 6 years. Therefore, John's 5-year test period consists of the 5 years before he went on qualified official extended duty. He meets the ownership and use tests because he owned and lived in the home for 2½ years during this test period.
Example.
Mary bought a home on April 1, 1996. She used it as her main home until August 31, 1999. On September 1, 1999, she went on qualified official extended duty with the Navy. She did not live in the house again before selling it on July 31, 2012. Mary chooses to use the entire 10-year suspension period. Therefore, the suspension period would extend back from July 31, 2012, to August 1, 2002, and the 5-year test period would extend back to August 1, 1997. During that period, Mary owned the house all 5 years and lived in it as her main home from August 1, 1997, until August 31, 1999, a period of more than 24 months. She meets the ownership and use tests because she owned and lived in the home for at least 2 years during this test period.
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The Armed Forces (the Army, Navy, Air Force, Marine Corps, and Coast Guard),
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The commissioned corps of the National Oceanic and Atmospheric Administration, and
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The commissioned corps of the Public Health Service.
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A Chief of mission.
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An Ambassador at large.
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A member of the Senior Foreign Service.
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A Foreign Service officer.
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Part of the Foreign Service personnel.
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The Office of the Director of National Intelligence.
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The Central Intelligence Agency.
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The National Security Agency.
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The Defense Intelligence Agency.
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The National Geospatial-Intelligence Agency.
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The National Reconnaissance Office and any other office within the Department of Defense for the collection of specialized national intelligence through reconnaissance programs.
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Any of the intelligence elements of the Army, the Navy, the Air Force, the Marine Corps, the Federal Bureau of Investigation, the Department of Treasury, the Department of Energy, and the Coast Guard.
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The Bureau of Intelligence and Research of the Department of State.
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Any of the elements of the Department of Homeland Security concerned with the analyses of foreign intelligence information.
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Serving at a duty station at least 50 miles from your main home, or
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Living in Government quarters under Government orders.
If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. (But see Special rules for joint returns, next.)
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You are married and file a joint return for the year.
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Either you or your spouse meets the ownership test.
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Both you and your spouse meet the use test.
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During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home.
Example 1—one spouse sells a home.
Emily sells her home in June 2012 for a gain of $300,000. She marries Jamie later in the year. She meets the ownership and use tests, but Jamie does not. Emily can exclude up to $250,000 of gain on a separate or joint return for 2012. The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test.
Example 2—each spouse sells a home.
The facts are the same as in Example 1 except that Jamie also sells a home in 2012 for a gain of $200,000 before he marries Emily. He meets the ownership and use tests on his home, but Emily does not. Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home.
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The sale or exchange took place after 2008.
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The sale or exchange took place no more than 2 years after the date of death of your spouse.
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You have not remarried.
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You and your spouse met the use test at the time of your spouse's death.
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You or your spouse met the ownership test at the time of your spouse's death.
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Neither you nor your spouse excluded gain from the sale of another home during the last 2 years before the date of death.
Example.
Harry owned and used a house as his main home since 2008. Harry and Wilma married on July 1, 2012, and from that date they used Harry's house as their main home. Harry died on August 15, 2012, and Wilma inherited the property. Wilma sold the property on September 1, 2012, at which time she had not remarried. Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death.
If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. This applies to those who:
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Fail to meet the ownership and use tests, or
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Have used the exclusion within 2 years of selling their current home.
In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons.
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A change in place of employment.
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Health.
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Unforeseen circumstances.
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You.
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Your spouse.
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A co-owner of the home.
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A person whose main home is the same as yours.
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You qualify under a “safe harbor.” This is a specific set of facts and circumstances that, if applicable, qualifies you to claim a reduced maximum exclusion. Safe harbors corresponding to the reasons listed above are described later.
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A safe harbor does not apply, but you can establish, based on facts and circumstances, that the primary reason for the sale is a change in place of employment, health, or unforeseen circumstances.
Factors that may be relevant in determining your primary reason for sale include whether:-
Your sale and the circumstances causing it were close in time,
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The circumstances causing your sale occurred during the time you owned and used the property as your main home,
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The circumstances causing your sale were not reasonably foreseeable when you began using the property as your main home,
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Your financial ability to maintain the property became materially impaired,
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The suitability of the property as your main home materially changed, and
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During the time you owned the property, you used it as your home.
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You may qualify for a reduced exclusion if the primary reason for the sale of your main home is a change in the location of employment of a qualified individual.
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The change occurred during the period you owned and used the property as your main home, and
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The new place of employment is at least 50 miles farther from the home you sold than was the former place of employment (or, if there was no former place of employment, the distance between your new place of employment and the home sold is at least 50 miles).
Example.
Justin was unemployed and living in a townhouse in Florida he had owned and used as his main home since 2011. He got a job in North Carolina and sold his townhouse in 2012. Because the distance between Justin's new place of employment and the home he sold is at least 50 miles, the sale satisfies the conditions of the distance safe harbor. Justin's sale of his home is considered to be because of a change in place of employment, and he is entitled to claim a reduced maximum exclusion of gain from the sale.
The sale of your main home is because of health if your primary reason for the sale is:
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To obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual, or
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To obtain or provide medical or personal care for a qualified individual suffering from a disease, illness, or injury.
The sale of your home is not because of health if the sale merely benefits a qualified individual's general health or well-being.
For purposes of this reason, a qualified individual includes, in addition to the individuals listed earlier under Qualified individual , any of the following family members of these individuals.
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Parent, grandparent, stepmother, stepfather.
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Child, grandchild, stepchild, adopted child, eligible foster child.
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Brother, sister, stepbrother, stepsister, half-brother, half-sister.
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Mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law.
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Uncle, aunt, nephew, niece, or cousin.
Example.
In 2011, Chase and Lauren, husband and wife, bought a house that they used as their main home. Lauren's father has a chronic disease and is unable to care for himself. In 2012, Chase and Lauren sold their home in order to move into Lauren's father's house to provide care for him. Because the primary reason for the sale of their home was to provide care for Lauren's father, Chase and Lauren are entitled to a reduced maximum exclusion.
The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying that home. You are not considered to have an unforeseen circumstance if the primary reason you sold your home was that you preferred to get a different home or because your finances improved.
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An involuntary conversion of your home, such as when your home is destroyed or condemned.
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Natural or man-made disasters or acts of war or terrorism resulting in a casualty to your home, whether or not your loss is deductible.
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In the case of qualified individuals (listed earlier under Qualified individual ):
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Death,
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Unemployment (if the individual is eligible for unemployment compensation),
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A change in employment or self-employment status that results in the individual's inability to pay reasonable basic living expenses (listed under Reasonable basic living expenses , below) for his or her household,
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Divorce or legal separation under a decree of divorce or separate maintenance, or
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Multiple births resulting from the same pregnancy.
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An event the IRS determined to be an unforeseen circumstance in published guidance of general applicability. For example, the IRS determined the September 11, 2001, terrorist attacks to be an unforeseen circumstance.
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Amounts spent for food.
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Amounts spent for clothing.
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Housing and related expenses.
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Medical expenses.
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Transportation expenses.
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Tax payments.
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Court-ordered payments.
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Expenses reasonably necessary to produce income.
Gain from the sale or exchange of the main home is not excludable from income if it is allocable to periods of nonqualified use. Nonqualified use means any period in 2009 or later where neither you nor your spouse (or your former spouse) used the property as a main home, with certain exceptions (see next).
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Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home;
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Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty:
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As a member of the uniformed services;
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As a member of the Foreign Service of the United States; or
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As an employee of the intelligence community; and
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Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS.
You may be able to exclude gain from the sale of a home you have used for business or to produce rental income if you meet the ownership and use tests.
Example 1.
On May 26, 2006, Amy, who is unmarried for all years in this example, bought a house. She moved in on that date and lived in it until May 31, 2008, when she moved out of the house and put it up for rent. The house was rented from June 1, 2008, to March 31, 2010. Amy claimed depreciation deductions in 2008 through 2010 totaling $10,000. Amy moved back into the house on April 1, 2010, and lived there until she sold it on January 31, 2012, for a gain of $200,000. During the 5-year period ending on the date of the sale (January 31, 2007–January 31, 2012), Amy owned and lived in the house for more than 2 years as shown in the following table.
| Five-Year Period | Used as Home | Used as Rental |
| 1/31/07 – 5/31/08 | 16 months | |
| 6/01/08 – 3/31/10 | 22 months | |
| 4/01/10 – 1/31/12 | 22 months | |
| 38 months | 22 months | |
During the period Amy owned the house (2,076 days), her period of nonqualified use was 455 days. Because the gain attributable to periods of nonqualified use is $41,610, Amy can exclude $148,390 of her gain, as shown on Worksheet 2.
Example 2.
William owned and used a house as his main home from 2006 through 2009. On January 1, 2010, he moved to another state. He rented his house from that date until April 30, 2012, when he sold it. During the 5-year period ending on the date of sale (May 1, 2007–April 30, 2012), William owned and lived in the house for more than 2 years. Because it was rental property at the time of the sale, he must report the sale on Form 4797. Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. Because he met the ownership and use tests, he can exclude gain up to $250,000. However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next.
| Part 1. Gain or (Loss) on Sale | |||||
| 1. | Selling price of home | 1. | |||
| 2. | Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) | 2. | |||
| 3. | Subtract line 2 from line 1. This is the amount realized | 3. | |||
| 4. | Adjusted basis of home sold (from Worksheet 1, line 13) | 4. | |||
| 5. | Gain or (loss) on the sale. Subtract line 4 from line 3. If this is a loss, stop here | 5. | 200,000 | ||
| Part 2. Exclusion and Taxable Gain | |||||
| 6. | Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. If none, enter -0- | 6. | 10,000 | ||
| 7. | Subtract line 6 from line 5. If the result is less than zero, enter -0- | 7. | 190,000 | ||
| 8. | Aggregate number of days of nonqualified use after 12/31/2008 | 8. | 455 | ||
| 9. | Number of days taxpayer owned the property | 9. | 2,076 | ||
| 10. | Divide the amount on line 8 by the amount on line 9. Enter the result as a decimal (rounded to at least 3 places). But do not enter an amount greater than 1.00 | 10. | 0.219 | ||
| 11. | Gain allocated to nonqualified use. (Line 7 multiplied by line 10) | 11. | 41,610 | ||
| 12. | Gain eligible for exclusion. Subtract line 11 from line 7. | 12. | 148,390 | ||
| 13. | If you qualify to exclude gain on the sale, enter your maximum exclusion (see
Maximum Exclusion
). If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. If you do not qualify to exclude gain, enter -0- |
13. | 250,000 | ||
| 14. | Exclusion. Enter the smaller of line 12 or line 13 | 14. | 148,390 | ||
| 15. | Taxable gain. Subtract line 14 from line 5. Report your taxable gain as described under Reporting the Sale . If the amount on line 6 is more than zero, complete line 16 | 15. | 51,610 | ||
| 16. | Enter the smaller of line 6 or line 15. Enter this amount on line 12 of the Unrecaptured Section 1250 Gain Worksheet in the instructions for Schedule D (Form 1040) |
16. | 10,000 | ||
If you use property partly as a home and partly for business or to produce rental income, the treatment of any gain on the sale depends partly on whether the business or rental part of the property is part of your home or separate from it.
If the part of your property used for business or to produce rental income is within your home, such as a room used as a home office for a business, you do not need to allocate gain on the sale of the property between the business part of the property and the part used as a home. In addition, you do not need to report the sale of the business or rental part on Form 4797. This is true whether or not you were entitled to claim any depreciation. However, you cannot exclude the part of any gain equal to any depreciation allowed or allowable after May 6, 1997. See Depreciation after May 6, 1997, earlier.
Example 1.
Ray sold his main home in 2012 at a $30,000 gain. He has no gains or losses from the sale of property other than the gain from the sale of his home. He meets the ownership and use tests to exclude the gain from his income. However, he used part of the home as a business office in 2011 and claimed $500 depreciation. Because the business office was part of his home (not separate from it), he does not have to allocate the gain on the sale between the business part of the property and the part used as a home. In addition, he does not have to report any part of the gain on Form 4797. Because Ray was entitled to take a depreciation deduction, he must recognize $500 of the gain as unrecaptured section 1250 gain. He reports his gain, exclusion, and the taxable gain of $500 on Form 8949 and Schedule D (Form 1040).
You may have used part of your property as your home and a separate part of it for business or to produce rental income. Examples are:
-
A working farm on which your house was located,
-
A duplex in which you lived in one unit and rented the other, or
-
A store building with an upstairs apartment in which you lived.
Example 3.
In 2008, Lew bought property that consisted of a house, a stable, and 35 acres. He used the house and 7 acres as his main home and used the stable and 28 acres in his business for the next 4 years. He sold the entire property in 2012 at a $10,000 gain. Lew met the ownership and use tests for the house but did not meet the use test for the stable. Since the business part was separate from his home, Lew must allocate the basis of the property and the amount realized between the part of the property he used for his home and the part he used for his business. Lew reports the gain on the business part of his property on Form 4797. He can exclude the gain on the part of the property that was his main home.
Example 4.
In 2007, Mary bought property that consisted of a house, a barn, and 2 acres. Mary used the house and 2 acres as her main home and used the barn in her antiques business. In 2011, Mary moved out of the house and rented it to tenants. She claimed depreciation on the house while renting it in 2011 and 2012. She continued to use the barn in her business. Mary sold the entire property in 2012 for a $21,000 gain. Since the barn is separate from her home, Mary must allocate the basis of the property and amount realized between the residential and business parts of the property. She reports the entire gain from the barn on Form 4797 since she did not meet the use test for the barn. She must also report gain on the home to the extent of the depreciation she claimed for the rental.
Example 5.
In January 2008, you bought and moved into a 4-story townhouse. In December 2010, you converted the basement level, which has a separate entrance, into a separate apartment by installing a kitchen and bathroom and removing the interior stairway that led from the basement to the upper floors. After you completed the conversion, your townhouse had a rental unit that was separate from the part of your house used as your home. You lived in the first, second, and third levels of the townhouse and rented the basement level to tenants until December 2012. You claimed the allowable depreciation of $2,000 for the basement apartment. You sold the entire townhouse in December 2012 for a $16,000 gain. Your records show the following.
| Purchase price | $ 96,000 |
| Improvements (kitchen and bath in rental) | 4,000 |
| Depreciation (on rental) | 2,000 |
| Selling price | 124,000 |
| Selling expenses | 10,000 |
Because you met the ownership and use tests for both the rental apartment and your residence, you can claim an exclusion for both parts. However, because they are separate units, you must allocate your basis, selling price, and selling expenses between them. You start by finding the adjusted basis of each part. You determine that three-fourths (75%) of your purchase price was for the part used as your home and one-fourth (25%) was for the rental part.
| Home | Rental | |
| (3/4) | (1/4) | |
| Purchase price | $72,000 | $24,000 |
| Plus: Improvements | -0- | 4,000 |
| Minus: Depreciation | -0- | 2,000 |
| Adjusted basis | $72,000 | $26,000 |
Next, to figure the gain on each part, fill out a separate Part 1 of Worksheet 2 for each part, dividing your selling price and selling expenses between the home and the rental.
Worksheet 2.Gain or (Loss), Exclusion, and Taxable Gain on Sale of Home
| Home | Rental | ||
| (3/4) | (1/4) | ||
| Part 1. Gain or (Loss) on Sale | |||
| 1. | Selling price of home | $93,000 | $31,000 |
| 2. | Selling expenses | 7,500 | 2,500 |
| 3. | Subtract line 2 from line 1. This is the amount realized | $85,500 | $28,500 |
| 4. | Adjusted basis of home sold | 72,000 | 26,000 |
| 5. | Subtract line 4 from line 3. This is the gain or (loss) | $13,500 | $2,500 |
Then, to figure your taxable gain and exclusion, fill out a separate Part 2 of Worksheet 2 for each part, dividing your maximum exclusion between the two parts. You are single, so the maximum exclusion is $250,000.
| Home | Rental | ||
| (3/4) | (1/4) | ||
| Part 2. Exclusion and Taxable Gain | |||
| 6. | Depreciation allowed or allowable after May 6, 1997 | $-0- | $2,000 |
| 7. | Subtract line 6 from line 5 | 13,500 | 500 |
| 8. | Aggregate number of days of nonqualified use after 12/31/2008 | -0- | -0- |
| 9. | Number of days taxpayer owned the property | N/A | N/A |
| 10. | Divide the amount on line 8 by the amount on line 9. Enter the result as a decimal (rounded to at least 3 places). But do not enter an amount greater than 1.00 | -0- | -0- |
| 11. | Gain allocated to nonqualified use (line 7 multiplied by line 10) | -0- | -0- |
| 12. | Gain eligible for exclusion. Subtract line 11 from line 7 | 13,500 | 500 |
| 13. | Maximum exclusion | $187,500 | $62,500 |
| 14. | Exclusion (smaller of line 12 or line 13) |
13,500 | 500 |
| 15. | Taxable gain (line 5 minus line 14) | -0- | * |
| 16. | Smaller of line 6 or line 15 | -0- | * |
| * Lines 15 and 16 do not need to be filled out for the rental part. | |||
Report the gain from the rental part, $2,500, in Part III of Form 4797. Enter your $500 exclusion as a loss (in parentheses) on Form 4797, line 2, column (g), and enter “Section 121 exclusion” on that line. Your taxable gain from the rental part is $2,000 ($2,500 – $500).
Example 6.
Assume the same facts as in Example 5 , except that in March 2012, you combined the two separate dwelling units by eliminating the basement kitchen and building a new interior stairway to the upper floors. You then used the entire townhouse as your main home for the rest of 2012. Because the entire townhouse was used as your main home for at least 2 years during the 5-year period ending on the date of the sale, you report the gain, $16,000, and the allowable exclusion ($14,000), in Part II Form 8949, and in Part II of Schedule D (Form 1040). Since your $2,000 taxable gain is from depreciation, it is unrecaptured section 1250 gain; enter it on line 12 of the Unrecaptured Section 1250 Gain Worksheet in the Schedule D (Form 1040) instructions. You have no gains or losses from the sale of property other than the gain from the sale of your home, so you also enter $2,000 on lines 13 and 18 of the worksheet and on line 19 of Schedule D. Then figure your tax using the Schedule D Tax Worksheet.
Do not report the 2012 sale of your main home on your tax return unless:
-
You have a gain and do not qualify to exclude all of it,
-
You have a gain and choose not to exclude it, or
-
You received Form 1099-S.
If you have a gain that you cannot or choose not to exclude, if you received a Form 1099-S, or if you have a deductible loss, report the sale on your tax return. Report the sale on Part I, line 1 or Part II, line 3 of Form 8949 as a short-term or long-term transaction, depending on how long you owned the home. Report the proceeds from the sale (Worksheet 2, line 1) in column (d) and the cost or other basis (Worksheet 2, line 4) in column (e). If there are any selling expenses, enter “E” in column (f) and the necessary adjustment in column (g). See the Instructions for Form 8949.
If you can exclude some or all of your gain on the sale of your main home, enter “H” in column (f). Enter the amount of the excluded (nontaxable) gain as a negative number (in parenthesis) in column (g). See the Instructions for Form 8949.
If you have a loss on the sale of your main home for which you received a Form 1099-S, you must report the sale on Form 8949 even though the loss is not deductible. Enter "L" in column (f) and enter the amount of the nondeductible loss as a positive number in column (g). See the Instructions for Form 8949.
If you used the home for business or to produce rental income, you may have to use Form 4797 to report the sale of the business or rental part (or the sale of the entire property if used entirely for business or rental). See Business Use or Rental of Home , earlier, and the Instructions for Form 4797.
Example 1.
Peter and Betty Clark, who are married and file a joint return, bought a home in 1969. (They did not postpone the gain on the sale of their previous home.) They lived in it as their main home until they sold it in February 2012. The Clarks can exclude gain on the sale of their home because they owned and lived in it for at least 2 years of the 5-year period ending on the date of sale.
Their records show the following.
| Original cost | $ 40,000 |
| Legal fees for title search | 250 |
| Improvements (roof) | 2,000 |
| Selling price | 395,000 |
| Selling expenses, including commission | 25,000 |
The Clarks use Worksheet 1 to figure the adjusted basis of the home they sold ($42,250). They use Worksheet 2 to figure the gain on the sale ($327,750) and the amount of their exclusion ($327,750). Their completed Worksheets 1 and 2 follow.
Because the Clarks are married and file a joint return for the year, they qualify to exclude the full amount of their gain and the settlement agent does not file or issue them a Form 1099-S. Because they do not receive a Form 1099-S and they choose to exclude the gain, they do not report the sale of the home on their tax return.
| Caution:See the Worksheet 1 Instructions before you use this worksheet. | |||||||
| 1. | Enter the purchase price of the home sold. (If you filed Form 2119 when you originally acquired that home to postpone gain on the sale of a previous home before May 7, 1997, enter the adjusted basis of the new home from that Form 2119.) |
1. | $40,000 | ||||
| 2. | Seller-paid points for home bought after 1990 (see
Seller-paid points
). Do not include any seller-paid points you already subtracted to arrive at the amount entered on line 1 |
2. | |||||
| 3. | Subtract line 2 from line 1 | 3. | 40,000 | ||||
| 4. | Settlement fees or closing costs (see
Settlement fees or closing costs
). If line 1 includes the adjusted basis of the new home from Form 2119, skip lines 4a–4g and 5; go to line 6. |
||||||
| a. | Abstract and recording fees | 4a. | |||||
| b. | Legal fees (including fees for title search and preparing documents) | 4b. | 250 | ||||
| c. | Survey fees | 4c. | |||||
| d. | Title insurance | 4d. | |||||
| e. | Transfer or stamp taxes | 4e. | |||||
| f. | Amounts that the seller owed that you agreed to pay (back taxes or interest, recording or mortgage fees, and sales commissions) |
4f. | |||||
| g. | Other | 4g. | |||||
| 5. | Add lines 4a through 4g | 5. | 250 | ||||
| 6. | Cost of additions and improvements. Do not include any additions and improvements included on line 1 | 6. | 2,000 | ||||
| 7. | Special tax assessments paid for local improvements, such as streets and sidewalks | 7. | |||||
| 8. | Other increases to basis | 8. | |||||
| 9. | Add lines 3, 5, 6, 7, and 8 | 9. | 42,250 | ||||
| 10. | Depreciation allowed or allowable, related to the business use or rental of the home | 10. | |||||
| 11. | Other decreases to basis (see Decreases to Basis ), Do not include any postponed gain that reduced the adjusted basis of the new home reported from Form 2119 on line 1 | 11. | |||||
| 12. | Add lines 10 and 11 | 12. | |||||
| 13. | Adjusted basis of home sold. Subtract line 12 from line 9. Enter here and on Worksheet 2, line 4 | 13. | $42,250 | ||||
| Part 1. Gain or (Loss) on Sale | |||||
| 1. | Selling price of home | 1. | $395,000 | ||
| 2. | Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) | 2. | 25,000 | ||
| 3. | Subtract line 2 from line 1. This is the amount realized | 3. | 370,000 | ||
| 4. | Adjusted basis of home sold (from Worksheet 1, line 13) | 4. | 42,250 | ||
| 5. | Gain or (loss) on the sale. Subtract line 4 from line 3. If this is a loss, stop here | 5. | 327,750 | ||
| Part 2. Exclusion and Taxable Gain | |||||
| 6. | Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. If none, enter -0- | 6. | -0- | ||
| 7. | Subtract line 6 from line 5. If the result is less than zero, enter -0- | 7. | 327,750 | ||
| 8. | Aggregate number of days of nonqualified use after 12/31/2008 | 8. | N/A | ||
| 9. | Number of days taxpayer owned the property | 9. | N/A | ||
| 10. | Divide the amount on line 8 by the amount on line 9. Enter the result as a decimal (rounded to at least 3 places). But do not enter an amount greater than 1.00 | 10. | N/A | ||
| 11. | Gain allocated to nonqualified use. (Line 7 multiplied by line 10) | 11. | N/A | ||
| 12. | Gain eligible for exclusion. Subtract line 11 from line 7. | 12. | 327,750 | ||
| 13. | If you qualify to exclude gain on the sale, enter your maximum exclusion (see
Maximum Exclusion
). If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. If you do not qualify to exclude gain, enter -0- |
13. | 500,000 | ||
| 14. | Exclusion. Enter the smaller of line 12 or line 13 | 14. | 327,750 | ||
| 15. | Taxable gain. Subtract line 14 from line 5. Report your taxable gain as described under
Reporting the Sale
. If the amount on line 6 is more than zero, complete line 16 |
15. | -0- | ||
| 16. | Enter the smaller of line 6 or line 15. Enter this amount on line 12 of the Unrecaptured Section 1250 Gain Worksheet in the instructions for Schedule D (Form 1040) |
16. | -0- | ||
Example 2.
The facts are the same as in Example 1, except that Peter and Betty Clark sold their home for $695,000. Their gain on the sale is $627,750. Because they are married, meet the ownership and use tests, have no period of non-qualified use, and file a joint return for the year, they can exclude $500,000 of the gain.
Worksheet 1 remains the same as shown in Example 1. Their completed Worksheet 2 is shown next.
The Clarks report the sale of their home on Form 8949 and Schedule D (Form 1040). On their Form 8949, Part II, they report their selling price of $695,000 in column (d), and their adjusted basis of $42,250 in column (e). Because the adjustments they enter in column (g) include selling expenses (Code E) and excluded gain (Code H), they enter “EH” in column (f). In column (g) they enter $525,000 (the sum of their exclusion, $500,000, and their selling expenses, $25,000) as a negative number. Because their realized gain is $627,750 and they exclude $500,000, they enter $127,750 in column (h).
On their Schedule D (Form 1040), line 10, the Clarks include the selling price of $695,000 in column (d), their adjusted basis of $42,250 in column (e), their adjustments of $525,000 as a negative number in column (g), and their recognized gain of $127,750 in column (h).
| Part 1. Gain or (Loss) on Sale | |||||
| 1. | Selling price of home | 1. | $695,000 | ||
| 2. | Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) | 2. | 25,000 | ||
| 3. | Subtract line 2 from line 1. This is the amount realized | 3. | 670,000 | ||
| 4. | Adjusted basis of home sold (from Worksheet 1, line 13) | 4. | 42,250 | ||
| 5. | Gain or (loss) on the sale. Subtract line 4 from line 3. If this is a loss, stop here | 5. | 627,750 | ||
| Part 2. Exclusion and Taxable Gain | |||||
| 6. | Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. If none, enter -0- | 6. | -0- | ||
| 7. | Subtract line 6 from line 5. If the result is less than zero, enter -0- | 7. | 627,750 | ||
| 8. | Aggregate number of days of nonqualified use after 12/31/2008 | 8. | N/A | ||
| 9. | Number of days taxpayer owned the property | 9. | N/A | ||
| 10. | Divide the amount on line 8 by the amount on line 9. Enter the result as a decimal (rounded to at least 3 places). But do not enter an amount greater than 1.00 | 10. | N/A | ||
| 11. | Gain allocated to nonqualified use. (Line 7 multiplied by line 10) | 11. | N/A | ||
| 12. | Gain eligible for exclusion. Subtract line 11 from line 7. | 12. | 627,750 | ||
| 13. | If you qualify to exclude gain on the sale, enter your maximum exclusion (see
Maximum Exclusion
). If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. If you do not qualify to exclude gain, enter -0- |
13. | 500,000 | ||
| 14. | Exclusion. Enter the smaller of line 12 or line 13 | 14. | 500,000 | ||
| 15. | Taxable gain. Subtract line 14 from line 5. Report your taxable gain as described under
Reporting the Sale
. If the amount on line 6 is more than zero, complete line 16 |
15. | 127,750 | ||
| 16. | Enter the smaller of line 6 or line 15. Enter this amount on line 12 of the Unrecaptured Section 1250 Gain Worksheet in the instructions for Schedule D (Form 1040) |
16. | -0- | ||
Example 3.
Emily White, a single person, bought a home on May 1, 2000. She lived in the home until May 31, 2010, when she moved out and put it up for rent. Emily rented her home from June 1, 2010, until May 31, 2011. She moved back into the house and lived there until she sold it on January 11, 2012. She has no other gains or losses from the sale or exchange of any other property.
Emily can exclude gain on the sale of her home because she owned and lived in the home for at least 2 years of the 5-year period ending on the date of the sale.
Emily's records show the following.
| Original cost | $ 50,000 |
| Legal fees for title search | 750 |
| Back taxes paid for prior owner | 1,500 |
| Improvements (deck) | 2,000 |
| Selling price | 195,000 |
| Selling expenses, including commission | 15,000 |
| Depreciation claimed after May 6, 1997 | 1,791 |
Emily uses Worksheet 1 to figure the adjusted basis of the home she sold, $52,459. She uses Worksheet 2 to figure the gain on the sale, $127,541, and the amount of her exclusion, $115,061. Emily cannot exclude $1,791, the part of her gain equal to the depreciation claimed while the house was rented, nor can she exclude $10,689, the part of her gain allocated to nonqualified use.
Emily's completed Worksheet 1 appears next. Her completed Worksheet 2 follows.
Emily reports the sale in Part II of Form 8949 and Part II of Schedule D (Form 1040). On her Form 8949, Part II, she checks Box C. On line 3, she reports her selling price of $195,000 in column (d) and her adjusted basis of $52,459 in column (e). In column (g), she reports the sum of her exclusion and her selling expenses ($130,061) as a negative number. Because the adjustments she enters in column (g) include her selling expenses (Code E) and her exclusion (Code H), she enters “EH” in column (f). Because her realized gain is $127,541 and her exclusion is $115,061, she enters $12,480 as her recognized gain in column (h).
On her Schedule D (Form 1040), line 10, she enters her selling price of $195,000 in column (d), her adjusted basis of $52,549 in column (e), her adjustments of $130,061 as a negative number in column (g), and her recognized gain of $12,480 in column (h).
She enters $1,791 on line 12 of the Unrecaptured Section 1250 Gain Worksheet in the Schedule D (Form 1040) instructions. She has no gains or losses from the sale of property other than the gain from the sale of her home. Therefore, she also enters $1,791 on lines 13 and 18 of the worksheet and on line 19 of Schedule D. She then figures her tax using the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions.
| Caution: See the Worksheet 1 Instructions before you use this worksheet. | |||||||
| 1. | Enter the purchase price of the home sold. (If you filed Form 2119 when you originally acquired that home to postpone gain on the sale of a previous home before May 7, 1997, enter the adjusted basis of the new home from that Form 2119.) |
1. | $50,000 | ||||
| 2. | Seller-paid points for home bought after 1990 (see
Seller-paid points
). Do not include any seller-paid points you already subtracted to arrive at the amount entered on line 1 |
2. | |||||
| 3. | Subtract line 2 from line 1 | 3. | 50,000 | ||||
| 4. | Settlement fees or closing costs (see
Settlement fees or closing costs
). If line 1 includes the adjusted basis of the new home from Form 2119, skip lines 4a–4g and 5; go to line 6 |
||||||
| a. | Abstract and recording fees | 4a. | |||||
| b. | Legal fees (including fees for title search and preparing documents) | 4b. | 750 | ||||
| c. | Survey fees | 4c. | |||||
| d. | Title insurance | 4d. | |||||
| e. | Transfer or stamp taxes | 4e. | |||||
| f. | Amounts that the seller owed that you agreed to pay (back taxes or interest, recording or mortgage fees, and sales commissions) |
4f. | 1,500 | ||||
| g. | Other | 4g. | |||||
| 5. | Add lines 4a through 4g | 5. | 2,250 | ||||
| 6. | Cost of additions and improvements. Do not include any additions and improvements included on line 1 | 6. | 2,000 | ||||
| 7. | Special tax assessments paid for local improvements, such as streets and sidewalks | 7. | |||||
| 8. | Other increases to basis | 8. | |||||
| 9. | Add lines 3, 5, 6, 7, and 8 | 9. | 54,250 | ||||
| 10. | Depreciation allowed or allowable, related to the business use or rental of the home | 10. | 1,791 | ||||
| 11. | Other decreases to basis (see Decreases to Basis ). Do not include any postponed gain that reduced the adjusted basis of the new home reported from Form 2119 on line 1 | 11. | |||||
| 12. | Add lines 10 and 11 | 12. | 1,791 | ||||
| 13. | Adjusted basis of home sold. Subtract line 12 from line 9. Enter here and on Worksheet 2, line 4 | 13. | $52,459 | ||||
| Part 1. Gain or (Loss) on Sale | |||||
| 1. | Selling price of home | 1. | $195,000 | ||
| 2. | Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) | 2. | 15,000 | ||
| 3. | Subtract line 2 from line 1. This is the amount realized | 3. | 180,000 | ||
| 4. | Adjusted basis of home sold (from Worksheet 1, line 13) | 4. | 52,459 | ||
| 5. | Gain or (loss) on the sale. Subtract line 4 from line 3. If this is a loss, stop here | 5. | 127,541 | ||
| Part 2. Exclusion and Taxable Gain | |||||
| 6. | Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. If none, enter -0- | 6. | 1,791 | ||
| 7. | Subtract line 6 from line 5. If the result is less than zero, enter -0- | 7. | 125,750 | ||
| 8. | Aggregate number of days of nonqualified use after 12/31/2008 | 8. | 365 | ||
| 9. | Number of days taxpayer owned the property | 9. | 4,272 | ||
| 10. | Divide the amount on line 8 by the amount on line 9. Enter the result as a decimal (rounded to at least 3 places). But do not enter an amount greater than 1.00 | 10. | .085 | ||
| 11. | Gain allocated to nonqualified use. (Line 7 multiplied by line 10) | 11. | 10,689 | ||
| 12. | Gain eligible for exclusion. Subtract line 11 from line 7. | 12. | 115,061 | ||
| 13. | If you qualify to exclude gain on the sale, enter your maximum exclusion (see
Maximum Exclusion
). If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. If you do not qualify to exclude gain, enter -0- |
13. | 250,000 | ||
| 14. | Exclusion. Enter the smaller of line 12 or line 13 | 14. | 115,061 | ||
| 15. | Taxable gain. Subtract line 14 from line 5. Report your taxable gain as described under
Reporting the Sale
. If the amount on line 6 is more than zero, complete line 16 |
15. | 12,480 | ||
| 16. | Enter the smaller of line 6 or line 15. Enter this amount on line 12 of the Unrecaptured Section 1250 Gain Worksheet in the instructions for Schedule D (Form 1040) |
16. | $1,791 | ||
The situations that follow may affect your exclusion.
-
You acquired your home in a like-kind exchange (also known as a section 1031 exchange), or your basis in your home is determined by reference to the basis of the home in the hands of the person who acquired the property in a like-kind exchange (for example, you received the home from that person as a gift), and
-
You sold the home during the 5-year period beginning with the date your home was acquired in the like-kind exchange.
-
Publication 547, in the case of a home that was destroyed, or
-
Publication 544, chapter 1, in the case of a home that was condemned.
When you sell your main home, treat real estate and transfer taxes on that home as discussed in this section.
-
You are treated as paying the taxes up to, but not including, the date of sale. You can deduct these taxes as an itemized deduction on Schedule A (Form 1040) in the year of sale. It does not matter what part of the taxes you actually paid.
-
The buyer is treated as paying the taxes beginning with the date of sale.
Example.
The tax on Dennis and Beth White's home was $620 for the year. Their real property tax year was the calendar year, with payment due August 1, 2012. They sold the home on May 7, 2012. Dennis and Beth are considered to have paid a proportionate share of the real estate taxes on the home even though they did not actually pay them to the taxing authority.
Dennis and Beth owned their home during the 2012 real property tax year for 127 days (January 1 to May 6, the day before the sale). They figure their deduction for taxes as follows.
| 1. | Total real estate taxes for the real property tax year | $620 |
| 2. | Number of days in the real property tax year that you owned the property | 127 |
| 3. | Divide line 2 by 365 (366 if leap year) | .346 |
| 4. | Multiply line 1 by line 3. This is your deduction. Enter it on line 6 of Schedule A (Form 1040) | $215 |
Since the buyers paid all of the taxes, Dennis and Beth also include the $215 in the home's selling price. The buyers add the $215 to their basis in the home. The buyers can deduct $405 ($620 – $215) as an itemized deduction, the taxes for the part of the year they owned the home.
If you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. You recapture the benefit by increasing your federal income tax for the year of the sale. You may have to pay this recapture tax even if you can exclude your gain from income under the rules discussed earlier; that exclusion does not affect the recapture tax.
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Came from the proceeds of qualified mortgage bonds, or
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Were based on mortgage credit certificates.
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You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan.
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Your income for the year of disposition is more than that year's adjusted qualifying income for your family size for that year (related to the income requirements a person must meet to qualify for the federally subsidized program).
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Your mortgage loan was a qualified home improvement loan (QHIL) of not more than $15,000 used for alterations, repairs, and improvements that protect or improve the basic livability or energy efficiency of your home.
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Your mortgage loan was a QHIL of not more than $150,000 in the case of a QHIL used to repair damage from Hurricane Katrina to homes in the hurricane disaster area; a QHIL funded by a qualified mortgage bond that is a qualified Gulf Opportunity Zone Bond; or a QHIL for an owner-occupied home in the Gulf Opportunity Zone (GO Zone), Rita GO Zone, or Wilma GO Zone. For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas.
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The home is disposed of as a result of your death.
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You dispose of the home more than 9 years after the date you closed your mortgage loan.
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You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income.
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You dispose of the home at a loss.
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Your home is destroyed by a casualty, and you replace it on its original site within 2 years after the end of the tax year when the destruction happened. The replacement period is extended for main homes destroyed in a federally declared disaster area, a Midwestern disaster area, the Kansas disaster area, and in the Hurricane Katrina disaster area. For more information, see Replacement Period in Publication 547.
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You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ).
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Death.
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Involuntary conversion (see definition under the section Dispositions Other Than Sales , earlier).
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Transfers between spouses or incident to divorce.
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You are a member of the uniformed services, an employee of the intelligence community, or a member of the Foreign Service of the United States on qualified official extended duty service.
For more information and assistance, see IRS.gov and click on “Tools” to access the “First-Time Homebuyer Credit Account Look-up Tool.”
The worksheets on the following pages are provided to help you figure the adjusted basis of your home; your gain or (loss), exclusion, and taxable gain on the sale of your home; and the reduced maximum exclusion. Keep any completed worksheets with your tax records; do not submit them with your tax return.
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If you use Worksheet 1 to figure the adjusted basis of your home, follow these instructions. DO NOT use this worksheet to determine your basis if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939.
|
| IF... | THEN... | |
| you inherited your home from a decedent who died either before or after 2010 or from a decedent who died in 2010 and whose executor did not file Form 8939 | 1 | skip lines 1–4 of the worksheet. |
| 2 | find your basis using the rules under Home received as inheritance. Enter this amount on line 5. | |
| 3 | fill out lines 6–13. | |
| you received your home as a gift | 1 | read Home received as gift and enter on lines 1 and 3 of the worksheet either the donor's adjusted basis or the home's fair market value at the time of the gift, whichever is appropriate. |
| 2 | if you can add any federal gift tax to your basis, enter that amount on line 5. | |
| 3 | fill out lines 6–13. | |
| you received your home as a trade for other property | 1 | enter on line 1 of the worksheet the fair market value of the other property at the time of the trade. (But if you received your home as a trade for your previous home before May 7, 1997, and had a gain on the trade that you postponed using Form 2119, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119.) |
| 2 | fill out lines 2–13. | |
| you built your home | 1 | add the purchase price of the land and the cost of building the home. See Construction . Enter that total on line 1 of the worksheet. (However, if you filed a Form 2119 to postpone gain on the sale of a previous home before May 7, 1997, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119.) |
| 2 | fill out lines 2–13. | |
| you received your home from your spouse after July 18, 1984 | 1 | skip lines 1–4 of the worksheet. |
| 2 | enter on line 5 your spouse's adjusted basis in the home just before you received it. | |
| 3 | fill out lines 6–13, including adjustments to basis only for events after the transfer. | |
| you owned a home jointly with your spouse, who transferred his or her interest in the home to you after July 18, 1984 | fill out one worksheet, including adjustments to basis for events both before and after the transfer. | |
| you received your home from your spouse before July 19, 1984 | 1 | skip lines 1–4 of the worksheet. |
| 2 | enter on line 5 the home's fair market value at the time you received it. | |
| 3 | fill out lines 6–13, including adjustments to basis only for events after the transfer. | |
| you owned a home jointly with your spouse, who transferred his or her interest in the home to you before July 19, 1984 | 1 | fill out lines 1–13 of the worksheet, including adjustments to basis only for events before the transfer. |
| 2 | multiply the amount on line 13 by 50% (.50) to get the adjusted basis of your half-interest at the time of the transfer. | |
| 3 | multiply the fair market value of the home at the time of the transfer by 50% (.50). In most cases, this is the basis of the half-interest that your spouse owned. | |
| 4 | add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. | |
| 5 | complete lines 6–13 on the second worksheet, including adjustments to basis only for events after the transfer. | |
| you owned your home jointly with a nonspouse | 1 | fill out lines 1–13 of the worksheet. |
| 2 | multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest. |
| IF... | THEN... | |
| you owned your home jointly with your spouse who died before 2010 and before the sale | 1 | fill out lines 1–13 of the worksheet, including adjustments to basis only for events before your spouse's death. |
| 2 | multiply the amount on line 13 by 50% (.50) to get the adjusted basis of your half-interest on the date of death. | |
| 3 | multiply the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax) by 50% (.50). This is the basis for your spouse's half-interest. | |
| 4 | add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. | |
| 5 | complete lines 6–13 on the second worksheet, including adjustments to basis only for events after your spouse's death. | |
| you owned your home jointly with your spouse who died before 2010 and before the sale, and your permanent legal home is in a community property state | 1 | skip lines 1–4 of the worksheet. |
| 2 | enter the basis of the home on line 5. In most cases, this is the total fair market value of the home at the time of death. (See Community property.) | |
| 3 | fill out lines 6–13, including adjustments to basis only for events after your spouse's death. | |
| you owned your home jointly with a nonspouse who died before 2010 and before the sale | 1 | fill out lines 1–13 of the worksheet, including adjustments to basis only for events before the co-owner's death. |
| 2 | multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest on the date of death. | |
| 3 | multiply the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax) by the co-owner's percentage of ownership. This is the basis for the co-owner's part-interest. | |
| 4 | add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. | |
| 5 | complete lines 6–13 on the second worksheet, including adjustments to basis only for events after the co-owner's death. | |
| your home was ever damaged as the result of a casualty | 1 | in addition to lines 6–13, including other lines of the worksheet you may need to fill out, on line 8 enter any amounts you spent to restore the home to its condition before the casualty. |
| 2 | on line 11 enter:
|
|
| none of these items apply | fill out entire worksheet. |
| Caution: See the Worksheet 1 Instructions before you use this worksheet. | |||||||
| 1. | Enter the purchase price of the home sold. (If you filed Form 2119 when you originally acquired that home to postpone gain on the sale of a previous home before May 7, 1997, enter the adjusted basis of the new home from that Form 2119.) |
1. | |||||
| 2. | Seller-paid points for home bought after 1990 (see
Seller-paid points
). Do not include any seller-paid points you already subtracted to arrive at the amount entered on line 1 |
2. | |||||
| 3. | Subtract line 2 from line 1 | 3. | |||||
| 4. | Settlement fees or closing costs (see
Settlement fees or closing costs
). If line 1 includes the adjusted basis of the new home from Form 2119, skip lines 4a–4g and 5; go to line 6. |
||||||
| a. | Abstract and recording fees | 4a. | |||||
| b. | Legal fees (including fees for title search and preparing documents) | 4b. | |||||
| c. | Survey fees | 4c. | |||||
| d. | Title insurance | 4d. | |||||
| e. | Transfer or stamp taxes | 4e. | |||||
| f. | Amounts that the seller owed that you agreed to pay (back taxes or interest, recording or mortgage fees, and sales commissions) |
4f. |
|||||
| g. | Other | 4g. | |||||
| 5. | Add lines 4a through 4g | 5. | |||||
| 6. | Cost of additions and improvements. Do not include any additions and improvements included on line 1 | 6. | |||||
| 7. | Special tax assessments paid for local improvements, such as streets and sidewalks | 7. | |||||
| 8. | Other increases to basis | 8. | |||||
| 9. | Add lines 3, 5, 6, 7, and 8 | 9. | |||||
| 10. | Depreciation allowed or allowable, related to the business use or rental of the home | 10. | |||||
| 11. | Other decreases to basis (see Decreases to Basis ). | 11. | |||||
| 12. | Add lines 10 and 11 | 12. | |||||
| 13. | Adjusted basis of home sold. Subtract line 12 from line 9. Enter here and on Worksheet 2, line 4 | 13. | |||||
| Part 1. Gain or (Loss) on Sale | |||||
| 1. | Selling price of home | 1. | |||
| 2. | Selling expenses (including commissions, advertising and legal fees, and seller-paid loan charges) | 2. | |||
| 3. | Subtract line 2 from line 1. This is the amount realized | 3. | |||
| 4. | Adjusted basis of home sold (from Worksheet 1, line 13) | 4. | |||
| 5. | Gain or (loss) on the sale. Subtract line 4 from line 3. If this is a loss, stop here | 5. | |||
| Part 2. Exclusion and Taxable Gain | |||||
| 6. | Enter any depreciation allowed or allowable on the property for periods after May 6, 1997. If none, enter -0- | 6. | |||
| 7. | Subtract line 6 from line 5. If the result is less than zero, enter -0- | 7. | |||
| 8. | Aggregate number of days of nonqualified use after 12/31/2008 | 8. | |||
| 9. | Number of days taxpayer owned the property | 9. | |||
| 10. | Divide the amount on line 8 by the amount on line 9. Enter the result as a decimal (rounded to at least 3 places). But do not enter an amount greater than 1.00 | 10. | |||
| 11. | Gain allocated to nonqualified use. (Line 7 multiplied by line 10) | 11. | |||
| 12. | Gain eligible for exclusion. Subtract line 11 from line 7. | 12. | |||
| 13. | If you qualify to exclude gain on the sale, enter your maximum exclusion (see
Maximum Exclusion
). If you qualify for a reduced maximum exclusion, enter the amount from Worksheet 3, line 7. If you do not qualify to exclude gain, enter -0- |
13. | |||
| 14. | Exclusion. Enter the smaller of line 12 or line 13 | 14. | |||
| 15. | Taxable gain. Subtract line 14 from line 5. Report your taxable gain as described under
Reporting the Sale
. If the amount on line 6 is more than zero, complete line 16 |
15. | |||
| 16. | Enter the smaller of line 6 or line 15. Enter this amount on line 12 of the Unrecaptured Section 1250 Gain Worksheet in the instructions for Schedule D (Form 1040) |
16. | |||
| Caution: Complete this worksheet only if you qualify for a reduced maximum exclusion (see Reduced Maximum Exclusion). Complete column (a). | (a) You |
(b) Your Spouse |
||||
| 1. | Maximum amount | 1. | $250,000 | $250,000 | ||
| 2a. | Enter the number of days (or months) that you used the property as a main home during the 5-year period* ending on the date of sale | 2a. |
||||
| b. | Enter the number of days (or months) that you owned the property during the 5-year period* ending on the date of sale. If you used days on line 2a, you also must use days on this line and on lines 3 and 5. If you used months on line 2a, you also must use months on this line and on lines 3 and 5. (If married filing jointly and one spouse owned the property longer than the other spouse, both spouses are treated as owning the property for the longer period.) | b. |
||||
| c. | Enter the smaller of line 2a or 2b | c. | ||||
| 3. | Have you (or your spouse, if filing jointly) excluded gain from the sale of another home during the 2-year period ending on the date of this sale? □ No. Skip line 3 and enter the number of days (or months) from line 2c on line 4. □ Yes. Enter the number of days (or months) between the date of the most recent sale of another home on which you excluded gain and the date of sale of this home |
3. |
||||
| 4. | Enter the smaller of line 2c or 3 | 4. | ||||
| 5. | Divide the amount on line 4 by 730 days (or 24 months). Enter the result as a decimal (rounded to at least 3 places). But do not enter an amount greater than 1.000 |
5. |
||||
| 6. | Multiply the amount on line 1 by the decimal amount on line 5 | 6. | ||||
| 7. | Reduced maximum exclusion. Add the amounts in columns (a) and (b) of line 6. Enter it here and on Worksheet 2, line 13 |
7. |
||||
| *If you were a member of the uniformed services or Foreign Service, an employee of the intelligence community, or an employee or volunteer of the Peace Corps during the time you owned the home, see Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps to determine your 5-year period. | ||||||
You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. By selecting the method that is best for you, you will have quick and easy access to tax help.
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E-file your return. Find out about commercial tax preparation and e-file services available free to eligible taxpayers.
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Check the status of your 2012 refund. Go to IRS.gov and click on Where’s My Refund. Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund.
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Where's My Refund? has a new look this year! The tool will include a tracker that displays progress through three stages: (1) return received, (2) refund approved, and (3) refund sent. Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. So in a change from previous filing seasons, you won't get an estimated refund date right away. Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns.
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You can obtain a free transcript online at IRS.gov by clicking on Order a Return or Account Transcript under “Tools.” For a transcript by phone, call 1-800-908-9946 and follow the prompts in the recorded message. You will be prompted to provide your SSN or Individual Taxpayer Identification Number (ITIN), date of birth, street address and ZIP code.
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Download forms, including talking tax forms, instructions, and publications.
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Order IRS products.
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Research your tax questions.
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Search publications by topic or keyword.
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Use the Internal Revenue Code, regulations, or other official guidance.
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View Internal Revenue Bulletins (IRBs) published in the last few years.
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Figure your withholding allowances using the IRS Withholding Calculator at www.irs.gov/individuals.
-
Determine if Form 6251 (Alternative Minimum Tax— Individuals), must be filed by using our Alternative Minimum Tax (AMT) Assistant available at IRS.gov by typing Alternative Minimum Tax Assistant in the search box.
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Sign up to receive local and national tax news by email.
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Get information on starting and operating a small business.
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Ordering forms, instructions, and publications. Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions (limited to 5 years). You should receive your order within 10 days.
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Asking tax questions. Call the IRS with your tax questions at 1-800-829-1040.
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Solving problems. You can get face-to-face help solving tax problems most business days in IRS Taxpayer Assistance Centers (TAC). An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Call your local Taxpayer Assistance Center for an appointment. To find the number, go to www.irs.gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service.
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TTY/TDD equipment. If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. The TTY/TDD telephone number is for individuals who are deaf, hard of hearing, or have a speech disability. These individuals can also access the IRS through relay services such as the Federal Relay Service at www.gsa.gov/fedrelay.
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TeleTax topics. Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics.
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Checking the status of your 2012 refund. To check the status of your 2012 refund, call 1-800-829-1954 or 1-800-829-4477 (automated Where's My Refund? information 24 hours a day, 7 days a week). Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns.
Evaluating the quality of our telephone services. To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. One method is for a second IRS representative to listen in on or record random telephone calls. Another is to ask some callers to complete a short survey at the end of the call.
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Products. You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes.
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Services. You can walk in to your local TAC most business days for personal, face-to-face tax help. An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. No appointment is necessary—just walk in. Before visiting, check www.irs.gov/localcontacts for hours of operation and services provided. If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested by calling your local TAC. You can leave a message and a representative will call you back within 2 business days. All other issues will be handled without an appointment. To call your local TAC, go to
www.irs.gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service.
Internal Revenue Service
1201 N. Mitsubishi Motorway
Bloomington, IL 61705-6613
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Your problem is causing financial difficulties for you, your family, or your business.
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You face (or your business is facing) an immediate threat of adverse action.
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You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised.
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Current-year forms, instructions, and publications.
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Prior-year forms, instructions, and publications.
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Tax Map: an electronic research tool and finding aid.
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Tax law frequently asked questions.
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Tax Topics from the IRS telephone response system.
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Internal Revenue Code—Title 26 of the U.S. Code.
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Links to other Internet-based tax research materials.
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Fill-in, print, and save features for most tax forms.
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Internal Revenue Bulletins.
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Toll-free and email technical support.
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Two releases during the year.
– The first release will ship the beginning of January 2013.
– The final release will ship the beginning of March 2013.
Purchase the DVD from National Technical Information Service (NTIS) at www.irs.gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee).
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