Home Sale Worksheet


TP/home information Home sale details Home cost details Home improvements
Taxpayer Information:

Taxpayer's Name:
Filing status this year:
Date sold: ☚ Enter this before answering questions below!
Date obtained:
How did you obtain the home: Purchase Inherited/gift Like-kind (1031) exchange
Was this your main home? Yes No
Was the home jointly owned with a spouse? Yes No
Were you divorced after obtaining the home? Yes No
Were you divorced after 7/18/1984? Yes No
Is that spouse deceased? Yes No Check if community property state
Died after ? Yes No
Have you remarried? Yes No
Are you financing the buyer's purchase of your home? Yes No
Is there postponed gain or depreciation from a previous home sold prior to 5/7/1997? Yes No
Was the home ever used for business (including rental for more than 14 days) after 5/6/1997? Yes No
Was there any time when this home was not used as the main home for either taxpayer or spouse? Yes No (Check yes if used as a vacation or second home during this period)
Have you or your spouse taken a home sale exclusion since Yes No
Did you and/or your spouse own the home for any 24 months (730 days) since Yes No Up to 10 years extension for period of duty if on duty outside the US as military, diplomatic, intelligence or peace corps (applies to residency also)
Due to unforseeable events? Yes No (eg: home destroyed, condemned, casualty loss, divorce, legal separation, multiple births, loss of employment)
Did you live in the home for any 24 months (730 days) since Yes No
Due to work or health relocation? Yes No New job location must be at least 50 miles further than old job location for anyone in the home
Due to extended qualified government duty? Yes No More than 90 days and at least 50 miles from home
Did your spouse live in the home for any 24 months (730 days) since Yes No
Due to work or health relocation? Yes No New job location must be at least 50 miles further than old job location for anyone in the home
Due to extended qualified government duty? Yes No More than 90 days and at least 50 miles from home
Home sale details:
  When filing Married Filing Seperately, only enter your portion of the amounts below.
Was a Form 1099-S issued? Yes No
Was a Form 1099-C issued? Yes No
Due to foreclosure or bankruptcy? Yes No

Sale price
Money received: $
Value of other property/services: $
Value of debts assumed by buyer: $ (eg: notes, mortgages)
Real estate taxes paid by buyer on your behalf: $
TOTAL SALE PRICE $

Expenses
Realtor commissions: $
Advertising and staging: $
Legal fees: $
Buyer's expenses you agreed to pay: $ (eg: mortgage points, loan charges)
Other expenses: $
TOTAL SALE EXPENSES $ (Included as a cost basis increase for TaxSlayer input)
Home cost details:
  When filing Married Filing Seperately, only enter your portion of the amounts below.
$
$
Home improvements total $ (Total from home improvements tab)
HOME COST BASIS $
Tax assessments: $ (eg: sidewalks, local improvements, HOA or condominium assessments)

Expenses
Legal fees: $
Survey and recording fees: $
Title insurance: $
Seller fees you agreed to pay: $ (eg: real estate taxes prior to sale, title/mortage fees, repair charges, real estate agent commissions)
Other fees: $ (eg: sales tax on a mobile home or houseboat used as the home)
TOTAL PURCHASE EXPENSES $

Adjustments (Decreases to your basis)
Payments received for easement, conservation restriction or right-of-way: $
Energy credits or subsidies: $
Adoption credits claimed or nontaxable payments from an employer-sponsored adoption assistance program: $
Real estate taxes the seller paid on your behalf: $
Mortgage points the seller paid on your behalf: $
Sales tax paid on a mobile home or houseboat $ If claimed as a deduction on a federal tax return
Other $
TOTAL ADJUSTMENTS $
ADJUSTED COST BASIS $
Home improvements:
 
Examples of improvements you can not include in your basis Exception: The entire job is considered an improvement if items that would otherwise be considered repairs are done as part of an extensive remodeling or restoration of your home. For example, if you have a casualty and your home is damaged, increase your basis by the amount you spend on repairs that restore the property to its pre-casualty condition.

Examples of improvements you can include in your basis
Systems
Air/water filtration systems $ Furnace $
Central air conditioning $ Heating system $
Central humidifier $ Lawn sprinkler system $
Central vacuum $ Security system $
Duct work $ Wiring $
$ $
Additions
Bedroom $ Garage $
Bathroom $ Patio $
Deck $ Porch $
$ $
Grounds
Driveway $ Retaining wall $
Fence $ Swimming pool $
Landscaping $ Walkway $
$ $
Pipes and duct work
Filtration system $ Soft water system $
Plumbing $ Water heater $
Septic system $ $
Interior
Built-in appliances $ Kitchen modernizaton $
Fireplace $ Wall-to-wall carpeting $
Flooring $ $
Exterior
New roof $ Satellite dish $
New siding $ Storm windows/doors $
$ $
Insulation
Attic $ Walls $
Floors $ $
Remodeling projects
For repairs done as part of larger project — See the exception note above.


Home improvements total = $
Do you wish to use the exclusion? Yes No   ?  If a sale of a different main home is expected within 2 years, it may be advantageous to wait for that sale, especially if the full exclusion is not available for this sale.
TaxSlayer input: Enter directly as Capital Gains Enter on Sale of Home Worksheet

  Since a Form 1099-S was not issued and the use of the exclusion produces no gain, this main home sale does not need to be reported to the IRS. If you do wish to report it, check this box ☛ .

 
Sale of Main Home Worksheet
Basic Information about Your Home
Basic info about the Sale
Date of purchase
Purchase price
Date of sale
Sale price
Info about your home
How many days in the last 5 years was the home your main home?
How many days in the last 5 years did you own your home?
How many days in the last 5 years was the home your spouse's main home
How many days in the last 5 years did your spouse own your home?
Check here if you recieved the first-time Homebuyers Credit...
First-time homebuyer credit - Sale of Home section
(Answer first-time homebuyer questions as needed)
Selling price of home, insurance proceeds, ...
Selling expenses (including commissions, advertising and legal fees, ...>
Adjusted basis of home sold
Check here if you qualify for the Maximum Exclusion... (TP)
Check here if you qualify for the Maximum Exclusion... (SP)
Adjustments to the Sale
Fees you may have paid when you bought your home
Legal fees
Surveys
Title Insurance
Fees that the seller owed that you agreed to pay
Other fees
General adjustments
Selling expenses
Cost of additions and improvements that you made to your home
Tax assessments that you paid for sidewalks, streets and other local improvements
Other increases to your basis
Decreases to your basis
Does return qualify for $250,000/$500,000 max exclusion?

 
Capital Gains and Loss Items
Description of Property Main home
Date Acquired
Date Sold
Sales Price
Cost basis typeDid not receive Form 1099-B
Cost
Adjustments
Adjustment explanationH

Gain/Loss
Please send corrections and suggestions to jeff@bogarthome.net