topic I had a capital gain on the house I sold, but used the proceeds to buy current home. Where is this entered? in Deductions & credits

I had a capital gain on the house I sold, but used the proceeds to buy current home. Where is this entered?

dannylind — Mon, 23 Feb 2026 12:57:19 GMT

Re: I had a capital gain on the house I sold, but used the proceeds to buy current home. Where is this entered?

Critter-3 — Thu, 09 Feb 2023 16:15:56 GMT

What you do with the proceeds is immaterial ... the rule to reinvest them into a new personal residence to delay the capital gains went away in 1987.

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. (See Screenshot)***

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: I had a capital gain on the house I sold, but used the proceeds to buy current home. Where is...

Vanessa A — Thu, 09 Feb 2023 16:18:27 GMT

You should have received a 1099-S which reports your sale. Even if you do not receive the form, the steps will be the same. You can enter this by selecting the following:

Income
Show more next to Less Common Income
Start next to Sale of home

As you walk through the questions you will be asked a few questions to see if you qualify for the Home Sale Exclusion. Your gains, up to $250,000, may be excluded from income if you lived there for 2 out of the last 5 years.