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Tax benefit from using house sale proceeds to buy new house can save on Capital Gains tax?

I paid a huge amount of Capital Gains Tax last year from selling my primary residence property in November 2022, and then bought a new house (my new primary residence) in November 2023. I read this is a "1031 Exchange" (a tax break for when you use y... read more
ATao
ATao ‎Posted 2 weeks ago | Latest post 2 weeks ago by xmasbaby0
0
1

'Tell us about how you've used this loan' section in Turbo Tax

Hi, After entering the mortgage interest paid, there is a section for "Tell us about how you've used this loan" with the following question: Since you first took out this loan, how much has been spent to buy, improve, or build the home it's secured b... read more
young11
young11 ‎Posted 2 weeks ago | Latest post 2 weeks ago by zomboo
0
1

Capital Gains for a Home Down Payment

Hi,I sold stock in 2023 (and received capital gains) to fund a down payment on my first house. I did not however seem to receive any tax benefit (for the home purchase) and instead paid a significant federal tax on the capital gains. I thought I woul... read more
NM1126
NM1126 ‎Posted 4 weeks ago | Latest post 4 weeks ago by xmasbaby0
0
2

Mortgage Interest Deduction - Acquisition Debt and refinance cash out

Need clarification about mortgage interest deduction.The acquisition debt is approximately $350,000. Did a cash out refi of $419,000.$40,000 was used for home improvement. The balance of $29,000 was used towards purchase of land. It is my understandi... read more
mjm77
mjm77 ‎Posted March 15, 2024 | Latest post 4 weeks ago by zomboo
0
1

Mortgage Interest is not showing up on Schedule A

I entered mortgage interest deduction on TT and it did not transfer to Schedule A. I'm using 2023 Premier TT. It is my understanding, I can continue to deduct the interest on the existing loan balance, less the small cash out that I did on a refi cas... read more
mjm77
mjm77 ‎Posted March 15, 2024
0
0

Closing cost on rental house.

Can my mortgage closing cost can be deductible on rental property? Like title company’s charge and mortgage points.
Lynda Zhang
Lynda Zhang ‎Posted March 15, 2024
0
0

HELOC

Hi!Hoping to get some help. I opened up a HELOC in 2017 used it for an initial purchase of a house (we are renting and still have) and then paid it off in a month (due to another sale). It's been $0 for 5 or 6 years until I used the HELOC to buy a se... read more
cgb808
cgb808 ‎Posted February 25, 2024 | Latest post February 26, 2024 by KrisD15
0
1

Mortgage Interest Deduction

Hi, I co-own a home with my wife. We are both listed parties on the 1098 mortgage interest forms sent to use by our lender for 2023. Her name is at the top and mine underneath. My question is if my wife is going to take the full amount on the 1098 as... read more
NeilLott
NeilLott ‎Posted January 26, 2024 | Latest post January 26, 2024 by NeilLott
0
4

Transfer equity from sale of real property into second home

Hello,My wife and I got married this year 2023 and we each have had a home in our names individually. We sold my wife's house one week after we got married this year (equity from sale less than amount to trigger CapGains), but she also has another ho... read more
cashmir316
cashmir316 ‎Posted May 24, 2023 | Latest post May 27, 2023 by NCperson
0
7

Mortgage loan on purchase of the lot next door

I took out a mortgage loan to buy the empty lot next door. Just using for personal use. I received a 1098. Can I deduct the loan interest and real estate taxes?Thanks Doug
carbo71
carbo71 ‎Posted April 4, 2023 | Latest post May 1, 2023 by Opus 17
0
3

Mortgage Interest and Insurance During Renovation

Hi I purchased a house in September 2021 for the purpose of rental. I started renovation on this house right after closing and the renovation lasted about a year. In September 2022, the property is available for rent. However, my mortgage interest an... read more
lindan86
lindan86 ‎Posted April 3, 2023 | Latest post April 3, 2023 by DavidD66
0
3

Mortgage Interest

The cell for me to insert my mortgage interest already shows a figure within it. I am unable to delete that figure to insert the accurate amount. I am using Turbo Tax Deluxe.
jsc8
jsc8 ‎Posted March 20, 2023 | Latest post March 20, 2023 by DoninGA
0
1

Adjust cost basis after a refinance

Hello all, We sold our primary residence in 2022 and bought our new primary residence. I am attempting to input the information from the sale of our previous home and have come across the adjusted cost basis section. I began entering information from... read more
afremendowski
afremendowski ‎Posted February 27, 2023 | Latest post February 27, 2023 by Vanessa A
0
2

How Do I Split the Single 1099-K Between Business & Personal?

I sell on ebay under a single account with my own SS. This last year I sold off a bunch of items I inherited in addition to my regular "business" sales. My single 1099-K covers everything. I file my taxes under my SS using T-Tax Home & Business. I ha... read more
CombatWombat
CombatWombat ‎Posted February 13, 2023 | Latest post February 24, 2023 by CombatWombat
0
7

Retired taking standard deduction

Retired, taking standard deduction again this year should I pay off my mortgage with my IRA?
Turtletop
Turtletop ‎Posted February 13, 2023 | Latest post February 22, 2023 by Opus 17
0
3
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