Page 6 - Selling Your Home User Guide

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Contents
Department of the Treasury Schema: tipx Leadpct: 100% Pt. size: 10 (Init. & Date) _______
Internal Revenue Service
Future Developments . . . . . . . . . . . . . . . . . . . . . . . 1
Publication 523 Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Cat. No. 15044W Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Selling Does Your Home Sale Qualify for the Exclusion . . . . . . 2 3
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of Gain? .
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Eligibility Test .
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Your Home Does Your Home Qualify for a Partial . . . . . . . . . . . . 6
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Exclusion of Gain? .
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For use in preparing Figuring Gain or Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8
Basis Adjustments—Details and Exceptions .
2022 Returns Business or Rental Use of Home . . . . . . . . . . . . 11
How Much Is Taxable? . . . . . . . . . . . . . . . . . . . . . 14
Recapturing Depreciation . . . . . . . . . . . . . . . . . 15
Reporting Your Home Sale . . . . . . . . . . . . . . . . . . 15
Reporting Gain or Loss on Your Home Sale . . . . 15
Reporting Deductions Related to Your Home
Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Reporting Other Income Related to Your
Home Sale . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Paying Back Credits and Subsidies . . . . . . . . . . 18
How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . . 18
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Future Developments
For the latest information about developments related to
Pub. 523, such as legislation enacted after it was
published, go to IRS.gov/Pub523.
Reminders
Photographs of missing children. The IRS is a proud
partner with the National Center for Missing & Exploited
Children® (NCMEC). Photographs of missing children se-
lected by the Center may appear in this publication on pa-
ges that would otherwise be blank. You can help bring
these children home by looking at the photographs and
calling 800-THE-LOST (800-843-5678) if you recognize a
child.
Special rules for capital gains invested in Qualified
Opportunity Funds. Effective December 22, 2017, sec-
tion 1400Z-2 provides a temporary deferral of inclusion in
gross income for capital gains invested in Qualified Op-
portunity Funds, and permanent exclusion of capital gains
from the sale or exchange of an investment in the Quali-
fied Opportunity Fund if the investment is held for at least
Get forms and other information faster and easier at: 10 years. For more information, see the Instructions for
• IRS.gov (English) • IRS.gov/Korean (한국어) Form 8949.
• IRS.gov/Spanish (Español) • IRS.gov/Russian (Pусский) Extension of the exclusion of canceled or forgiven
• IRS.gov/Chinese (中文) • IRS.gov/Vietnamese (Tiếng Việt) mortgage debt from income. The exclusion of income
Dec 12, 2022