Do I include paying off a previous mortgage in the sellers costs when reporting sale of a home?

appy744 — Thu, 02 Jul 2020 13:53:55 GMT

Sold house for 450k, purchased in 1976 for 36k, I'm 75. Remaining mortgage on the house was 90k.

Re: Do I include paying off a previous mortgage in the sellers costs when reporting sale of a home?

xmasbaby0 — Thu, 02 Jul 2020 14:35:59 GMT

You might not even need to enter anything about selling the house. Are you Single-- or filing a married filing jointly return?

SALE OF HOUSE

If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

If you are using online TT, you need Premier or Self-Employed software to report the 1099-S

Re: Do I include paying off a previous mortgage in the sellers costs when reporting sale of a home?

Anonymous — Thu, 02 Jul 2020 20:02:29 GMT

paying off the mortgage is not a selling expense. never was and likely never will be.

topic Do I include paying off a previous mortgage in the sellers costs when reporting sale of a home? in Deductions & credits

Do I include paying off a previous mortgage in the sellers costs when reporting sale of a home?

Re: Do I include paying off a previous mortgage in the sellers costs when reporting sale of a home?

Re: Do I include paying off a previous mortgage in the sellers costs when reporting sale of a home?