Publication 523 - Selling Your Home - 2003
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31Contents
Department of the Treasury
Internal Revenue Service
Important Change . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Important Reminders . . . . . . . . . . . . . . . . . . . . . . .
2
Publication 523
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Cat. No. 15044W
Main Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Selling
Figuring Gain or Loss . . . . . . . . . . . . . . . . . . . . . . .
3
Selling Price . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Your Home
Amount Realized . . . . . . . . . . . . . . . . . . . . . . . .
4
Adjusted Basis . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Amount of Gain or Loss . . . . . . . . . . . . . . . . . . .
4
For use in preparing
Other Dispositions . . . . . . . . . . . . . . . . . . . . . . .
4
2003
Determining Basis . . . . . . . . . . . . . . . . . . . . . . . . .
5
Returns
Cost As Basis . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Basis Other Than Cost . . . . . . . . . . . . . . . . . . . .
7
Adjusted Basis . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Excluding the Gain . . . . . . . . . . . . . . . . . . . . . . . . .
9
Maximum Exclusion . . . . . . . . . . . . . . . . . . . . . .
9
Ownership and Use Tests . . . . . . . . . . . . . . . . .
9
Reduced Maximum Exclusion . . . . . . . . . . . . . . . 14
More Than One Home Sold During 2-Year
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Business Use or Rental of Home . . . . . . . . . . . . . . 16
Property Used Partly for Business or Rental . . . . 17
Reporting the Sale . . . . . . . . . . . . . . . . . . . . . . . . . 19
Comprehensive Examples . . . . . . . . . . . . . . . . . 19
Special Situations . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Deducting Taxes in the Year of Sale . . . . . . . . . . . 26
Recapturing (Paying Back) a Federal
Mortgage Subsidy . . . . . . . . . . . . . . . . . . . . . . 26
How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . . . 27
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Important Change
New rule for members of the uniformed services or
Foreign Service. If you have been a member of the uni-
formed services or Foreign Service, you now may be able
to exclude from income a gain from selling your main
home, even if you did not live in it the required 2 years
Get forms and other information
during the 5-year period ending on the date of sale. This
faster and easier by:
change applies to any sale of a main home after May 6,
Internet •
FTP •
1997, so you may be able to claim a refund if you paid tax
or
ftp.irs.gov
on a gain from a sale after that date. For details, see
FAX •
703–368–9694 (from your fax machine)
Members of the uniformed services or Foreign Service
under Ownership and Use Tests, later.
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