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Level 2
June 3, 2019
Solved

My house was torn down and the remaining lot was sold in 2016. How do I show this on my taxes?

  • June 3, 2019
  • 7 replies
  • 14 views
No text available
Best answer by MichaelL1

If you did live in the home for at least 2 of the previous 5 years, then would be excluded from income tax. The mortgage amount would not be considered anyway.  It is the sales price less the cost to determining any gain.

7 replies

MichaelL1
Level 15
June 3, 2019
was this a rental?  investment property?  give me more detail and I can help
Level 2
June 3, 2019
it was my primary residence of 11 years,badly damaged in a storm in 2015, torn down and the empty lot sold in 2016
Level 2
June 3, 2019
only option I found on turboTax was for the sale of a "home"; the house was paid off before it was torn down so no mortgage either
MichaelL1
Level 15
June 3, 2019
If you did live in the home for at least 2 of the previous 5 years, then would be excluded from income tax. The mortgage amount would not be considered anyway.  It is the sales price less the cost to determining any gain.
Level 2
June 3, 2019
Got it, thank you for the quick response!
MichaelL1
Level 15
June 3, 2019
I am going to put it under the answer so this gets closed out.  Thank you for using TurboTax.
MichaelL1
MichaelL1Answer
Level 15
June 3, 2019

If you did live in the home for at least 2 of the previous 5 years, then would be excluded from income tax. The mortgage amount would not be considered anyway.  It is the sales price less the cost to determining any gain.