The National Directory of Certified Public Accountants

Ask A CPA - Residence - My Home

I Sold My Residence. How Much Is Taxable And How Do I Report It?

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

If you need professional help with "Residence - My Home" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.