Question

if i sold my house for 220 thousand and its under 250 thousand do i have to report it

Forum|Forum|1 year ago
April 6, 2025
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TurboTax Deluxe Online

If you have lived in the house you plan to sell for more than 2 years in the last 5 years before you sell it, you are eligible for the capital gain exclusion of $250,000 ($500,000 if you file jointly).

If the capital gain is below this threshold, you do not have to report the sale on your tax return, except if you receive a form 1099-S in which case you have to report the sale but the capital gain will be excluded from taxation.

Please read this IRS document for more information.

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