If you received Form 1099-S for the sale of your home, enter it TurboTax. If you're filing status is Married Filing Jointly and your profit from the home sale is less than $500,000, you won't be taxed. To enter the 1099-S form, see Is the money I made from a home sale taxable? The entry instructions are in the FAQ.
- If you didn't receive form 1099-S, you don't have to enter your personal residence home sale.
Regarding your real estate taxes. You're a calendar year taxpayer (January 1 through December 31). You would enter what you actually paid during the calendar year. It doesn't matter what year the taxes are for so enter the amount you actually paid and the amount at closing.
You do not net out the $16,000 that was paid to you by the seller. The $16,000 will be deducted from the amount you pay for the actual property taxes when the bill comes due.
- For example: in 2021, If your tax bill comes in at $20,000 for assessed year 2020, you pay the $20,000 but you must deduct the $16,000 since that was given to you by the buyer and not paid by you. Your 2021 tax return will show property taxes paid of $4,000.
This FAQ explains it in greater detail: Can I claim property (real estate) taxes if I recently bought or sold my home?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
