Also this being my primary property I believe the capital gains on it should not be taxable? I would just like to be clear if I need to report this in my taxes I will be submitting for 2017 or do it next year for 2018 taxes?
If I do need to report this for 2017 then do I need to submit another form ( I think it is 2091).
Thanks!
If the closing on the sale took place in 2018 then the reporting of the disposition will be done in your 2018 tax return and, based on your comments, you will report this as a sale of your principal residence so that you will enter the details of the sale but no capital gains will be applicable due to this being a sale of your principal residence.
If the closing on the sale took place in 2018 then the reporting of the disposition will be done in your 2018 tax return and, based on your comments, you will report this as a sale of your principal residence so that you will enter the details of the sale but no capital gains will be applicable due to this being a sale of your principal residence.
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