Am I required to attach schedule D if the gain for the sale of my home can be totally excluded under section 121?

Asked over 1 year ago - San Bernardino, CA

The profit was 2000 , so it can be totally excluded . Do I have to include a schedule D showing the sales price and then mentioning the exclusion ?

Attorney answers (2)

  1. Curtis Lamar Harrington Jr

    Contributor Level 20

    4

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    Answered . If this item is discovered 5 years from now and assigned a 6 year statute of limitations and you have to do an audit will you be ready? Are you willing to risk this for the sake of a 0.2 oz piece of paper?

    Is there some reason that you DON'T want the 3 year statute of limitations to start running?

    Are you actively trying to provoke an audit?

    over a 0.2 oz sheet of paper?


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  2. Bruce Givner

    Pro

    Contributor Level 18

    Answered . No. But why not do so, as the learned Mr. Harrington has already advised?

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