topic What do I need for taxes if I sold my home in 2020? There was no profit on the sale, and I have not purchased a new home yet. in Deductions & credits

What do I need for taxes if I sold my home in 2020? There was no profit on the sale, and I have not purchased a new home yet.

nextchapter20 — Mon, 28 Dec 2020 02:21:15 GMT

Sold my home in 2020. What does this mean for taxes?

Re: What do I need for taxes if I sold my home in 2020? There was no profit on the sale, and I have not purchased a new home yet.

xmasbaby0 — Mon, 28 Dec 2020 02:25:23 GMT

Whether you purchased a new home is irrelevant.

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: What do I need for taxes if I sold my home in 2020? There was no profit on the sale, and I have not purchased a new home yet.

fanfare — Mon, 28 Dec 2020 02:57:06 GMT

No profit ?

No taxes.

You will have to report it if a 1099-S is supplied to you.

Re: What do I need for taxes if I sold my home in 2020? There was no profit on the sale, and I have not purchased a new home yet.

rjs — Mon, 28 Dec 2020 03:44:20 GMT

If you had no profit, there is no tax. But your profit is not the amount of money that you received from the sale. Profit is the price you sold your home for, minus what you paid for it and selling expenses, such as a broker's fee. Paying off the mortgage doesn't count.