stanw
New Member
Joined: Apr 17, 2011 20:38:41 GMT -5
Posts: 34
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Post by stanw on Apr 5, 2013 23:00:26 GMT -5
I bought a house in December 2011 and have had a condo on the market since (a previous primary residence), that sold in November 2011. The condo was never rented. I can not find the paperwork from the sale of the condo anywhere.
From what I understand I do not need to pay taxes on the condo because I do not make enough. Does the sale of the condo need to be reported? Am I asking for trouble by not reporting it.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Apr 6, 2013 5:33:32 GMT -5
if you lived in the home, as your primary residence, for at least 2 years (730 or more days, if not consecutive) out of the 5 years prior to sale and you had a profit of 250,000 or less and never rented to the home and never used the home for business (office in the home) then their is no tax to be paid.
In some cases, where a form 1099 is issued related to the sale it is a good idea to report it and not the section 121 exclusion.
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