How do I calculate my sales price?
Your sales price is everything you received from selling your home. This includes, but is not limited to, the following:
If your employer paid or reimbursed you for a job transfer, don't include that amount as part of the selling price. Your employer will include this amount as wages in Box 1 of your W-2.
- All money received (including currency, checks and wire transfers)
- Value of any notes, mortgages or other debts that the buyer agreed to take ownership of as part of the sale agreement
- Real estate taxes the buyer paid for you
- The fair market value of any other property or services you received as part of the sale
- Any amount you received for granting an option to buy your home, if the option was exercised
If your employer paid or reimbursed you for a job transfer, don't include that amount as part of the selling price. Your employer will include this amount as wages in Box 1 of your W-2.
