Hello,
I received a 1099-S for our primary home we sold on 11/7/17. The sales price was $995K, and was owned by me and my wife.
A little background: We purchased/closed on this house on January 6th, 2016 as our primary residence. Prior to that, we owned a condo for 11 years, also as our primary residence. We sold our condo on 12/6/15.
The purchase price of the house we sold on 11/7/17 was $765K and we spent around 80K in improvements/renovation. We lived in this house for 23 months prior to moving into our current house.
Since I received a 1099-S, does that mean I have to pay Capital Gains? I never received a 1099-S for the condo we sold in in December 2015.
With this situation, will I have to report the sale of our last home as income on my tax returns? Thank you, Billy
I received a 1099-S for our primary home we sold on 11/7/17. The sales price was $995K, and was owned by me and my wife.
A little background: We purchased/closed on this house on January 6th, 2016 as our primary residence. Prior to that, we owned a condo for 11 years, also as our primary residence. We sold our condo on 12/6/15.
The purchase price of the house we sold on 11/7/17 was $765K and we spent around 80K in improvements/renovation. We lived in this house for 23 months prior to moving into our current house.
Since I received a 1099-S, does that mean I have to pay Capital Gains? I never received a 1099-S for the condo we sold in in December 2015.
With this situation, will I have to report the sale of our last home as income on my tax returns? Thank you, Billy