If this was your persobnal home, enter it under Sale of Home. Your purchase price is what you originally paid for it, pluys improvements, if any and adding in certain sales expenses. Your sales price is the contract sales price, Box 101.
Items added to basis.
You can include in your basis the settlement fees and closing costs you paid for buying your home. A fee is for buying the home if you would have had to pay it even if you paid cash for the home. The following are some of the settlement fees and closing costs that you can include in the original basis of your home.
Abstract fees (abstract of title fees).
Charges for installing utility services.
Legal fees (including fees for the title search and preparation of the sales contract and deed).
Recording fees.
Surveys.
Transfer or stamp taxes.
Owner's title insurance.
Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, cost for improvements or repairs, and sales commissions.
- Click on Federal Taxes
- Click on Wages and Income
- Click on I'll choose what I work on
- Scroll down to Less Common Income
- On Sale of Home (gain or loss), click the start or update button
