topic Do I need to record I purchased a new Primary home in 2023 in Deductions & credits

Do I need to record I purchased a new Primary home in 2023

cje2964 — Tue, 10 Feb 2026 09:29:47 GMT

I sold and purchased homes in 2023

Re: Do I need to record I purchased a new Primary home in 2023

JohnB5677 — Thu, 25 Jan 2024 21:37:26 GMT

That depends.

You do not have to report anything on your taxes for the purchase of your new home.
Regarding selling a home that you lived in for at least 2 years out of the last five years..
- You can exclude $250.000 if Single, or
- $500,000 if married
If you don't qualify qualify for the exclusion must report the gain from the sale when they file their tax return.
Taxpayers who receive Form 1099-S, Proceeds from Real Estate Transactions must report the sale on their tax return even if they have no taxable gain.
Please see: Tax Aspects of Home Ownership: Selling a Home

Re: Do I need to record I purchased a new Primary home in 2023

Opus 17 — Thu, 25 Jan 2024 22:22:00 GMT

You may need to report the sale, depending on the facts. You don't do anything special to report the purchase of a home, but you might have some tax deductible items you can include on your tax return (like mortgage interest and property taxes).