AnnetteB6
Expert Alumni

Investors & landlords

Since your homeownership overlapped, you will be able to claim your property taxes paid during 2021 for either home as well as mortgage interest for either home.  

 

Since you owned and lived in the old home for at least 2 of the last 5 years prior to the sale of the home, then up to $500,000 (Married Filing Joint) or $250,000 (Single) of any gain on the sale can be excluded.  

 

You may need to enter the details of the sale of your home in TurboTax, but if you qualify to exclude all or part of any gain on the sale of your main home, it will not actually be reported on your tax return or be a taxable transaction.  

 

Take a look at the following TurboTax article for more information about the home sale exclusion and how to enter the sale of your home into your tax return:  Is the money I made from a home sale taxable?

 

There will be a link on the page in TurboTax for further information about whether you need to enter any details about the sale into your return.  Follow the instructions in that link to decide what to do next.  

 

@JARHEAD1960

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