Where do I enter info on a new home purchase. Im getting hit with capital gains taxes from selling my old house. they dont give options for reinvesting.

tkilian50 — Wed, 15 Jul 2020 04:10:35 GMT

Re: Where do I enter info on a new home purchase. Im getting hit with capital gains taxes from selling my old house. they dont give options for reinvesting.

Anonymous_ — Wed, 15 Jul 2020 15:21:38 GMT

There is no option for reinvesting in a new home (principal residence); that particular requirement was eliminated years ago.

Currently, if you owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale, you may qualify to exclude up to $250,000 of gain from the sale (up to $500,000 if you file a joint return with your spouse).

See https://www.irs.gov/taxtopics/tc701

TurboTax will guide you through the reporting process in the Sale of Home section.

topic Where do I enter info on a new home purchase. Im getting hit with capital gains taxes from selling my old house. they dont give options for reinvesting. in Deductions & credits

Where do I enter info on a new home purchase. Im getting hit with capital gains taxes from selling my old house. they dont give options for reinvesting.

Re: Where do I enter info on a new home purchase. Im getting hit with capital gains taxes from selling my old house. they dont give options for reinvesting.