| Publication 523 |
2001 Tax Year |
Chapter 2
Rules for Sales in 2001
Use the rules in this chapter if you sold your main home in 2001.
You may be able to exclude any gain from income up to a limit of
$250,000 ($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).
The main topics in this chapter are:
- How to figure gain or loss,
- Basis,
- Excluding the gain,
- Ownership and use tests,
- Special situations,
- Reporting the gain, and
- Real estate and transfer taxes.
This chapter includes worksheets you can use to figure your gain
(or loss) and your exclusion. Use Worksheet 1 to figure the
adjusted basis of the home you sold. Use Worksheet 2 to
figure the gain (or loss), the exclusion, and the taxable gain (if
any) on the sale. In some situations, you may also need to use
Worksheet 3 to figure a reduced maximum exclusion.
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