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Subtract the buyer's share of actual estate tax, as shown in field 6. The result's the amount you ought to use in figuring your itemized deductions. Start with the quantity of real estate tax you really paid within the year of sale. Report the sale on Part I or Part II of Type 8949 as a short-term or long-term transaction, depending on how long you owned the home. You can also have the ability to completely exclude capital gains from the sale or trade of an investment in a QOF if the investment is held for a minimal of 10 years. In addition, you could possibly quickly defer capital positive aspects invested in a Certified Opportunity Fund (QOF).
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