Find out what changes in the IRS declaration.
Source Pexels
Author: Redaction
Filling out the IRS is always an extremely important annual step, remembering that it must contain all the information about the route you took that year.
If you have sold a house and want to know if you should declare the same in the IRS this article will give you that same information.
To begin with, yes, the sale of the property must be reported in the IRS, more precisely in annexes G1, box 5 - if the property was prior to 1989 - or G, box 4 - if the property was after 1989. If the sale originates from partitions, inheritances or parcels, you will have to fill in both annexes.
The extra expenses components are also accounted for in the IRS, such as improvements to the property, energy certificates, IMT, stamp duty or even the costs of real estate mediation.
The capital gains are calculated based on the profit made on the sale of the property, that is, if you sold the house at a higher price than it is really worth in the market and if you didn't use that value to buy a new home.
In the IRS calculation, only 50% of the value is subject to tax so that in the end all the applicable deductions may be exercised.
There are also exceptions where the capital gains tax does not exist, that is, houses before 1989 or situations where the profit value of the sales of the house is applied to the purchase of another with the same purpose.
Having said this, it is important when filling out your IRS form to include the sale of the house so that everything corresponds to the legality of the process.
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