Understand the tax implications when selling your primary residence including exclusions and special situations.
I'm selling my home and need to understand the tax implications. Home sale details: - Purchase price: [Amount] - Sale price: [Amount] - Purchase date: [Date] - Sale date: [Date] - Years lived in home as primary residence: [Number] - Capital improvements made: [List and amounts] - Home office used: [Yes/No] - Rental use ever: [Yes/No - When and how long] - Inherited or gifted property: [Yes/No] - Previous home sale exclusion used: [Yes/No - When] Filing status: [Status] Please analyze: 1. Home sale exclusion eligibility ($250K/$500K) 2. Ownership and use tests 3. How to calculate gain/loss 4. Adjustments to basis (improvements, selling costs) 5. Partial exclusion situations 6. Impact of home office or rental use 7. Reporting requirements on tax return 8. State tax implications 9. 1031 exchange considerations 10. Installment sale option
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