qwience18
New Member

I need to file my taxes for 2016, but I also need to have on my taxes that I sold and bought a house last year. I do not see where I can do both.

 

Deductions & credits

The sale of a personal residence and then purchase of another are two independent transactions. You report the Sale of a personal residence at:
Federal Taxes
Wages & Income
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Scroll down to
Less Common Income
on the
Sale of Home line, click start or update
then enter the necessary information in response to the interview

The purchase of a new personal residence is not a reportable event.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
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My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

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