Unless it was an investment property (and did a 1031 exchange), the fact that you used the proceeds to purchase a new home doesn't matter for tax purposes. If the home was sold while you were single, you may qualify for a home sale exclusion if you lived in it 2 of the last 5 years.
If your home sale must be reported, then you can report your share of the sales price and expenses.
If all of the
following apply, you don't need to report it.
- You lived in the home as your main home for at 2 of the
5 years preceding the sale.
- Your "net" profit from the sale is less than
$250,000 ($500,000 if Married Filing Jointly).
- You didn't take depreciation deduction on the home or
use it for business during the time you owned it.
- You didn't rent it out at any time that you owned it.
- You didn’t receive a Form 1099-S.
Where to enter the
sale of your home
(if
required) in TurboTax: While inside the software and working
on your return, type sale of home in the Search at the top of
the screen (you may see a magnifying glass there). There will be a popup
that says Jump to sale of home. Select that to get
to the general area.
HOME PURCHASE
You can deduct any interest, property taxes, and most mortgage insurance premiums that are reported on the Form 1098 Mortgage Interest statement. You can also deduct any interest or property taxes from the settlement statement that are not already reported on the Form 1098 and not
"pre-paid" and held in escrow.
Additionally, you
can deduct qualified points paid on a mortgage and qualified mortgage insurance
premiums. (Points can also be called loan origination fees, maximum
loan charges, discount points, or loan discount.)
Where do I enter my 1098 mortgage interest statement?
https://ttlc.intuit.com/replies/4793767
Here's an alternate method to get there:
-
Federal
Taxes tab (Personal in the Home and Business Version
- Deductions
and Credits
- Your
Home
-
Mortgage
Interest and Refinancing (select Add a Lender if you have already
entered one)
