Sold primary residence 2/2019 with 350,000 profit and purchased new residence for 315,000.00. Sales price of old residence was 694,000. what profit is reported on tax return as taxable income.

enemeth — Thu, 09 Jul 2020 19:21:52 GMT

Re: Sold primary residence 2/2019 with 350,000 profit and purchased new residence for 315,000.00. Sales price of old residence was 694,000. what profit is reported on tax return as taxable income.

DoninGA — Thu, 09 Jul 2020 19:25:14 GMT

Gain or Loss on a sale = Sales Price (-) Sales Expenses (-) Adjusted Basis (Purchase price plus the cost of any improvement prior to the sale)

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

Re: Sold primary residence 2/2019 with 350,000 profit and purchased new residence for 315,000.00. Sales price of old residence was 694,000. what profit is reported on tax return as taxable income.

VolvoGirl — Thu, 09 Jul 2020 19:27:57 GMT

What you did with the proceeds or that you bought a new house doesn't matter anymore. You need the cost basis of the house you sold to figure the gain of Loss.

topic Sold primary residence 2/2019 with 350,000 profit and purchased new residence for 315,000.00. Sales price of old residence was 694,000. what profit is reported on tax return as taxable income. in Deductions & credits

Sold primary residence 2/2019 with 350,000 profit and purchased new residence for 315,000.00. Sales price of old residence was 694,000. what profit is reported on tax return as taxable income.

Re: Sold primary residence 2/2019 with 350,000 profit and purchased new residence for 315,000.00. Sales price of old residence was 694,000. what profit is reported on tax return as taxable income.

Re: Sold primary residence 2/2019 with 350,000 profit and purchased new residence for 315,000.00. Sales price of old residence was 694,000. what profit is reported on tax return as taxable income.