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Updated almost 9 years ago on . Most recent reply presented by

User Stats

8
Posts
2
Votes
Bob Fullwood
  • Investor
  • Charlotte, NC
2
Votes |
8
Posts

Section 121 Exclusion - Do I need to fill out or file paperwork?

Bob Fullwood
  • Investor
  • Charlotte, NC
Posted

This past June I completed a house hack fix and flip which was my first deal.  I owned and lived in the property for 4 years - rehabbing along the way, and then sold for a gain less than $250,000.  Not sure that this would matter but some added info - the house hack in question was in Pittsburgh, PA and  after completion I relocated to Charlotte, NC.  I currently rent.  

 After reviewing the terms of the Section 121 Exclusion, I'm pretty confident that I qualify for the exclusion.  I would like to know if I need to fill out/ submit any documentation before the tax year ends to have all of my "ducks in a row" before filing taxes.  Any feedback would be appreciated- both confirming that I do in fact qualify, and then also what steps if any do I need to take before year end.

Thanks in advance - Bob

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