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Posted by kastnna on January 19, 2007, 1:01 am
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To exclude the CG on a Joint filing residence (up to $500K)
do I need a specific form or do I simply not count the sale
on my 1040?
Thanks
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Posted by Phil Marti on January 19, 2007, 8:06 pm
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> To exclude the CG on a Joint filing residence (up to $500K)
> do I need a specific form or do I simply not count the sale
> on my 1040?
As long as the entire gain is exempt, you report nothing,
even if you get a 1099. See the 1040 instructions.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Missy on January 19, 2007, 8:06 pm
Please log in for more thread options kastnna wrote:
> To exclude the CG on a Joint filing residence (up to $500K)
> do I need a specific form or do I simply not count the sale
> on my 1040?
Just don't report it. The broker should not send you a
1099S.
Missy Doyle
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Herb Smith on January 19, 2007, 8:06 pm
Please log in for more thread options kastnna wrote:
> To exclude the CG on a Joint filing residence (up to $500K)
> do I need a specific form or do I simply not count the sale
> on my 1040?
If the gross sale price is over $500,000 you will likely
receive a 1099S from the settlement agent and you should
report the sale on Schedule D. Add another line to claim the
exclusion. If the gain is less than the exclusion amount,
there is no requirement to report the sale anywhere.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Paul Thomas, CPA on January 19, 2007, 8:06 pm
Please log in for more thread options > To exclude the CG on a Joint filing residence (up to $500K)
> do I need a specific form or do I simply not count the sale
> on my 1040?
You don't need to include it anywhere on Schedule D if all
the gain is excluded.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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