Property (Basis, Sale of Home, etc.)

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Property (Basis, Sale of Home, etc.)

What is the basis of property received as a gift? I have investment property. Can you explain the term basis of assets? I sold my principal residence this year. What form do I need to file? If I sell my home and use the money I receive to pay off the mortgage, do I have to pay taxes on that money? If I exclude the gain on the sale of my former principal residence this year, can I take the exclusion again if I sell my new principal residence in the future? A property was my principal residence for the first 2 of the 5 years ending on the date of the sale of the property. For the last 3 years before the date of the sale, I held the property as a rental property. Can I still take an exclusion, and, if so, how should I account for the depreciatiuon I took while the property was rented? How do you report the sale of a second residence?
Category: Capital Gains, Losses/Sale of Home
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Page Last Reviewed or Updated: February 07, 2012