Expenses from Sale of home

carolineashe — Sun, 12 Jul 2020 21:42:53 GMT

Where do I record the expenses associated with the sale of a home?

Re: Expenses from Sale of home

xmasbaby0 — Sun, 12 Jul 2020 21:52:19 GMT

Was this your primary residence? You do not enter anything about selling the house unless you made enough money on it to owe capital gains or owned it for such a short time that you must enter it. Do you have a 1099-S?

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: Expenses from Sale of home

carolineashe — Sun, 12 Jul 2020 22:06:52 GMT

Thanks! Can I deduct the expenses of selling the house? If so, do you know where? I am filing as married, joint, and cannot find where I can itemize my deductions.

I truly appreciate your help!

topic Expenses from Sale of home in Deductions & credits

Expenses from Sale of home

Re: Expenses from Sale of home

Re: Expenses from Sale of home