Residence - Gain/Loss from Sale and Allowable Exclusion Worksheet

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This tax worksheet computes the gain or loss from the sale of a principal residence and the allowable exclusion amount, if any.

To determine if expenses from moving are deductible on the taxpayer’s personal tax return, click the Tax Flowcharts item group Tax worksheets item group button button and view the Moving Expenses tax flowchart.

Footnotes

  1. Other increases include such items as special assessments for local improvements and amounts the taxpayer spent after a casualty to restore damaged property.
  2. Other decreases include such items as certain excluded cancellation of debt income, payments received for granting an easement or right-of-way, and energy credits claimed for improvements added to basis. See IRS Pub. 523 for more information.
  3. If married filing joint, complete taxpayer and spouse columns. Also, if taxpayer is a surviving spouse who has not remarried and residence is sold within two years of his or her spouse's death, complete both taxpayer and spouse columns since surviving spouses are eligible for the joint maximum exclusion amount of $500,000 (see IRS Pub. 523 for more information).
  4. Use does not have to be continuous nor, for spouses, does it have to occur at the same time. Periods of short temporary absences (e.g., vacation or other seasonal absences) are counted as periods of use.
  5. Special rules apply to members of the uniformed services or Foreign Service, an employee of the intelligence community, or an employee or volunteer of the Peace Corps during the time the taxpayer owned the home.
  6. If married filing jointly and one spouse owned the property longer than the other spouse, both spouses are treated as owning the property for the longer period.
  7. Nonqualified use means any period in 2009 or later where neither the taxpayer nor his spouse (or former spouse) used the property as a main home, with certain exceptions. Nonqualified use does not include any portion of the 5 year period ending on the date of the sale after the last date the taxpayer (or his spouse) used the property as a main home and certain periods of nonuse by members of the uniformed services or Foreign Service.

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