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Deductions & credits
There is no option for reinvesting in a new home (principal residence); that particular requirement was eliminated years ago.
Currently, if you owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale, you may qualify to exclude up to $250,000 of gain from the sale (up to $500,000 if you file a joint return with your spouse).
See https://www.irs.gov/taxtopics/tc701
TurboTax will guide you through the reporting process in the Sale of Home section.
‎July 15, 2020
8:21 AM