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Get your taxes done using TurboTax
No. The only concern is the home that was sold, making sure you meet the requirements (which you did) of living in the home for two of the five years immediately preceding the sale. This allows the tax free treatment of the gain up to the limit shown by @HelenC12.
The deductions for the new home are mortgage interest and real estate taxes. Be sure to include the prorata share on the date of the sale from the settlement statement as well as any property tax paid after purchase. Do not include money placed in escrow, only amounts actually disbursed from that account, if applicable.
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‎January 26, 2022
9:57 AM
1,500 Views