Worksheets(p30)

The worksheets on the following pages are provided to help you figure the adjusted basis of your home; your gain or (loss), exclusion, and taxable gain on the sale of your home; and the reduced maximum exclusion. Keep any completed worksheets with your tax records; do not submit them with your tax return.

taxmap/pubs/p523-009.htm#en_us_publink1000207404

Worksheet 1 Instructions. Adjusted Basis of Home Sold If you use Worksheet 1 to figure the adjusted basis of your home, follow these instructions. DO NOT use this worksheet to determine your basis if you acquired an interest in your home from a decedent who died in 2010. Instead, see Publication 4895. IF...   THEN... you inherited your home before 2010 1 skip lines 1–4 of the worksheet. 2 find your basis using the rules under Home received as inheritance. Enter this amount on line 5. 3 fill out lines 6–13. you received your home as a gift 1 read Home received as gift and enter on lines 1 and 3 of the worksheet either the donor's adjusted basis or the home's fair market value at the time of the gift, whichever is appropriate. 2 if you can add any federal gift tax to your basis, enter that amount on line 5. 3 fill out lines 6–13. you received your home as a trade for other property 1 enter on line 1 of the worksheet the fair market value of the other property at the time of the trade. (But if you received your home as a trade for your previous home before May 7, 1997, and had a gain on the trade that you postponed using Form 2119, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119.) 2 fill out lines 2–13. you built your home 1 add the purchase price of the land and the cost of building the home. See Construction. Enter that total on line 1 of the worksheet. (However, if you filed a Form 2119 to postpone gain on the sale of a previous home before May 7, 1997, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119.) 2 fill out lines 2–13. you received your home from your spouse after July 18, 1984 1 skip lines 1–4 of the worksheet. 2 enter on line 5 your spouse's adjusted basis in the home just before you received it. 3 fill out lines 6–13, including adjustments to basis only for events after the transfer. you owned a home jointly with your spouse, who transferred his or her interest in the home to you after July 18, 1984   fill out one worksheet, including adjustments to basis for events both before and after the transfer. you received your home from your spouse before July 19, 1984 1 skip lines 1–4 of the worksheet. 2 enter on line 5 the home's fair market value at the time you received it. 3 fill out lines 6–13, including adjustments to basis only for events after the transfer. you owned a home jointly with your spouse, who transferred his or her interest in the home to you before July 19, 1984 1 fill out lines 1–13 of the worksheet, including adjustments to basis only for events before the transfer. 2 multiply the amount on line 13 by 50% (.50) to get the adjusted basis of your half-interest at the time of the transfer. 3 multiply the fair market value of the home at the time of the transfer by 50% (.50). Generally, this is the basis of the half-interest that your spouse owned. 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. 5 complete lines 6–13 on the second worksheet, including adjustments to basis only for events after the transfer. you owned your home jointly with a nonspouse 1 fill out lines 1–13 of the worksheet. 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest.

taxmap/pubs/p523-009.htm#en_us_publink1000252191

Worksheet 1 Instructions. Adjusted Basis of Home Sold (Continued) IF...   THEN... you owned your home jointly with your spouse who died before 2010 and before the sale 1 fill out lines 1–13 of the worksheet, including adjustments to basis only for events before your spouse's death. 2 multiply the amount on line 13 by 50% (.50) to get the adjusted basis of your half-interest on the date of death. 3 multiply the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax) by 50% (.50). This is the basis for your spouse's half-interest. 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. 5 complete lines 6–13 on the second worksheet, including adjustments to basis only for events after your spouse's death. you owned your home jointly with your spouse who died before 2010 and before the sale, and your permanent legal home is in a community property state 1 skip lines 1–4 of the worksheet. 2 enter the basis of the home on line 5. Generally, this is the total fair market value of the home at the time of death. (See Community property.) 3 fill out lines 6–13, including adjustments to basis only for events after your spouse's death. you owned your home jointly with a nonspouse who died before 2010 and before the sale 1 fill out lines 1–13 of the worksheet, including adjustments to basis only for events before the co-owner's death. 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest on the date of death. 3 multiply the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax) by the co-owner's percentage of ownership. This is the basis for the co-owner's part-interest. 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. 5 complete lines 6–13 on the second worksheet, including adjustments to basis only for events after the co-owner's death. your home was ever damaged as the result of a casualty 1 in addition to lines 6–13, including other lines of the worksheet you may need to fill out, on line 8 enter any amounts you spent to restore the home to its condition before the casualty. 2 on line 11 enter: any insurance reimbursements you received (or expect to receive) for the loss, and any deductible casualty losses not covered by insurance.     none of these items apply   fill out entire worksheet.