1 of 7 photos San DiegoCA For Sale $449,0004 Beds / 2 Baths
REE 24 HOUR RECORDED INFO AT 1-800-433-0203 EXT 101.
This updated 4 Bedroom 2 Bath home is in a prime location on a corner lot in a quiet, friendly neighborhood of Clairemont...
1 of 2 photos EncinitasCA For Sale $549,9003 Beds / 2 Baths
This single story home is located in Village Park. This is a great neighborhood with parks and walking trails. The home has a fireplace in the living room to cozy up to with your friends and family...
1 of 7 photos San DiegoCA For Sale $449,0004 Beds / 2 Baths
REE 24 HOUR RECORDED INFO AT 1-800-433-0203 EXT 101.
This updated 4 Bedroom 2 Bath home is in a prime location on a corner lot in a quiet, friendly neighborhood of Clairemont...
1 of 11 photos EncinitasCA For Sale $420,0004 Beds / 1 Baths
Charming home faces west to enjoy the gorgeous sunset views. Perched high on the hill for lovely ocean breezes. The kitchen is light and bright with white cabinets, center island and tile flooring...
1 of 1 photos JamulCA For Sale $399,0005 Beds / 5 Baths
5 BR and 5 BA, Custom Built Home on OVER 2 ACRES of usable land!
Put your own finishing touches on the interior and landscaping to complete this home and make it amazing!..
1 of 9 photos San DiegoCA For Sale $399,0002 Beds / 3 Baths
REDUCED! This townhome is located in a quiet complex Chateau Village. This complex features pool, spa and tennis courts. You will feel the openness with the vaulted ceiling...
1 of 7 photos SanteeCA For Sale $369,9003 Beds / 4 Baths
Must see the breath taking views in Northstar at Sky Ranch this complex is nestle in the hills of Santee. You will feel at home in this upgraded townhome...
1 of 1 photos San Diego For Sale $324,9004 Beds / 2 Baths
4BR/2.5BA
From the front porch you can see the OCEAN! Handyman special - bring your tool belt and fix this home up! Large back yard - for you to create your own private haven...
1 of 3 photos San DiegoCA For Sale 2 Beds / 2 Baths
This townhome features 2 bedrooms and a loft. Once you are inside it feels spacious with high ceilings and many windows. Use the loft for an office or extra bedroom...
1 of 2 photos San DiegoCA For Sale 4 Beds / 2.5 Baths
This 4 bedroom home is spacious and on a large lot. Cosmetic fixer with tons of potential. The property has a view of the hills. Close to freeway - near parks and schools...
1 of 12 photos San DiegoCA For Sale $369,9003 Beds / 2 Baths
A desirable area with a Charming 3 bedroom home! Updated and well kept home has recently painted inside and out with newer glazed windows and front security gate...
You may qualify to exclude from your income all or part
of any gain from the sale of your main home. Your main San Diego home is
the one in which you live most of the time.
Ownership and Use Tests
To claim the exclusion, you must meet the ownership and use tests.
This means that during the 5-year period ending on the date of the sale,
you must have:
Owned the San Diego home for at least 2 years (the ownership test) Lived
in the San Diego home as your main San Diego home for at least 2 years (the
use test) Gain
If you have a gain from the sale of your main home, you may be able
to exclude up to $250,000 of the gain from your income ($500,000 on a
joint return in most cases).
If you can exclude all of the gain, you do not need to report the
sale on your tax return If you have gain that cannot be excluded, it is
taxable. Report it on Schedule D (Form 1040) Loss
You cannot deduct a loss from the sale of your main home.
Worksheets
Worksheets are included in Publication 523, Selling Your Home to help
you figure the:
Adjusted basis of the San Diego home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale
Do not report the sale of your main San Diego home on your tax return
unless you have a gain and at least part of it is taxable. Report any
taxable gain on Schedule D (Form 1040).
More Than One Home
If you have more than one home, you can exclude gain only from the
sale of your main home. You must pay tax on the gain from selling any
other home. If you have two San Diego homes and live in both of them, your
main San Diego home is ordinarily the one you live in most of the time.
Example One:
You own and live in a house in the city. You also own a beach house,
which you use during the summer months. The house in the city is your
main home; the beach house is not.
Example Two:
You own a house, but you live in another house that you rent. The
rented house is your main home.
Business Use or Rental of Home
You may be able to exclude your gain from the sale of a San Diego home
that you have used for business or to produce rental income. But you
must meet the ownership and use tests.
Example:
On May 30, 1997, Amy bought a house. She moved in on that date and
lived in it until May 31, 1999, when she moved out of the house and put
it up for rent. The house was rented from June 1, 1999, to March 31,
2001. Amy moved back into the house on April 1, 2001, and lived there
until she sold it on January 31, 2003. During the 5-year period ending
on the date of the sale (February 1, 1998 - January 31, 2003), Amy owned
and lived in the house for more than 2 years.
Amy can exclude gain up to $250,000. However, she cannot exclude the
part of the gain equal to the depreciation she claimed for renting the
house.
You may qualify to exclude from your income all or part
of any gain from the sale of your main home. Your main San Diego home is
the one in which you live most of the time.
