Discussion:Selling a house not a home

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Discussion Forum Index --> Tax Questions --> Selling a house not a home

Viann (talk|edits) said:

25 February 2006
on what scedule or form would I report a house sale on. We build a house and then we had a oppertunity to sell it before we ever lived in it. It looks like maybe 4797 but I am not sure.

Bean (talk|edits) said:

25 February 2006
Report only if gain is not excluded from income (250,000 Single and 500,000 MFJ)in Sch. D.

See Publication 523 Selling of Your Home for more details on the exclusion and basis.

Captcook (talk|edits) said:

27 February 2006
It sounds as though this would be treated as investment property. Therefore, you would report it on Schedule D. If you never lived in it, then no gain would be excludable. I would also recommend reviewing Pub 523 for information on basis.

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