Bought back home we held the mortgage on and sold it the same year Where do we enter it in turbo tax and what should we know

[ReginaM]

Yes, you will need to report the sale of your home.  Since you did not own your home for 2 of 5 years, you are not eligible for the Home Sale Exclusion.  Here is how to report the sale of your home in TurboTax:

1. While you are in your Tax Home,
2. Select Wages & Income,
3. Select Review/Edit,
4. Scroll down the screen until to come to the section Less Common Income,
5. Choose Sale of Home (gain or loss), and 
6. Select Start.

You are allowed to deduct from the sales price almost any type of selling expenses, provided that they don’t physically affect the property. Such expenses may include:

• advertising
• appraisal fees
• attorney fees
• closing fees
• document preparation fees
• escrow fees
• mortgage satisfaction fees
• notary fees
• points paid by seller to obtain financing for buyer
• real estate broker's commission
• recording fees (if paid by the seller)
• costs of removing title clouds
• settlement fees
• title search fees, and
• transfer or stamp taxes charged by city, county, or state governments.

Here is some helpful information on selling your home:  IRS Publication 523