No, you don't have to report the sale of your home on your tax return if all of the following are true:
- You lived in the home more than two years of the five years before the sale.
- You didn't use the home for business, or rental use.
- Your gain was less than $250,000.
- You didn't get a 1099-S.
You can use the same version of TurboTax that you used last year, if this is the only change to your return.
Generally, home improvements aren't tax deductible, but they change the amount of gain on the sale of your home. Since you don't have to report the sale of your home, you don't need to enter anything about your improvements.
Here's are two exceptions to claiming home improvements:
- Improvements that qualify as medical expenses - this includes things like ramps, grab bars, and floor leveling that are needed to accommodate a disabled person living in the house. Follow this link for more details.
- Improvement that qualify for the Clean Energy Credit or the Residential Energy Credit. Follow this link for more.
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