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Form 8453-F Dayton Ohio: What You Should Know
Use the additional schedules below to report: Any sales price reductions not subject to any withholding tax for a specified tax year. The amount that would be subject to the ordinary income tax based on the reduced gain. (For additional information, go to Tax Forms and Publications) Gains: Sales Price Reduction: For sale-price reductions, make sure you include the cost of the property, not just its fair market value. For example, if you sell your home for 700,000, you have to add 150,000 of costs to arrive at the sales price. Special rule if sold for fair market value. To qualify, there must be a fair market value on the date that the property is sold. For properties purchased prior to November 1, 2013, the rule is modified to reflect fair market value only for the sale of the land instead of the entire property. (For additional information, go to Tax Forms and Publications) Special rule to report capital gains if you sell your home. If the gain on the sale is 200,000 or more, you may not have to report the gain on Schedule D if you meet the following conditions: (For additional information, go to Tax Forms and Publications) Special rule for capital gains if property sold for less than 200,000. If you sell your home for less than 200,000 you only have to report the gain if you meet the following conditions: (For additional information, go to Tax Forms and Publications) Special Additional Instructions If you want to report in the table below, you may still file any and all other tax forms. When you file this form, you should not file additional Schedule E or other schedules. If you sell your home before you turn 70, and you receive an exemption on that sale in 2016, the amount of the exemption is 14,500, regardless of whether the exemption is fully or partially claimed. If you sell your home after you turn 70, and you receive an exemption on that sale in 2016, the amount of the exemption is 3,000 regardless of whether the exemption is fully or partially claimed. If you sell the home after completing a home sale in 2017, you are encouraged to file this form by April 10th or the filing deadline will extend to May 11th. The filing deadline to file after April 10 is April 12th. Special Rules for 2016 If you sell your home in the 2024 tax year for 1.
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