Deductions & credits

If this was your primary home, you will report that in the Wages and Income section. 

If this was your second home or your rental property, it will be entered in another area of the return. 

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You will add your purchase price to settlement fees at time of purchase and costs of improvements for your basis. Maintenance costs should not be included. For instance, if you had trees trimmed to keep them from falling on the house, that would not be included but if you had landscaping done, that could be included. 
Selling price is the contract price and the sales expenses might be realtor commissions and fees paid at closing.  

You won't pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home (or the first $500,000 if you're Married Filing Jointly).

That income is exempted as long as:

• You owned the home
• It was your main home for two years or more within the five years leading up to the sale
• You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes.