topic I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this? in Deductions & credits

I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this?

l-e — Wed, 04 Feb 2026 07:06:21 GMT

Re: I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this?

rjs — Wed, 14 May 2025 21:33:52 GMT

Sorry, no. TurboTax for 2025 will not be available until mid to late November. Make up your own worksheet.

Re: I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this?

xmasbaby0 — Wed, 14 May 2025 23:27:36 GMT

And just so you know.....

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).

NOTE: If you have ever used the home as rental property or claimed a home office, you have more information to enter

If you are using online TT, you need Premium software to report the 1099-S

Re: I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this?

Mike9241 — Thu, 15 May 2025 00:54:57 GMT

the exclusion is available if you owned and occupied the residence for any 2 years (24 months/730 days not necessarily consecutive) out of 5 years before sale. also, you can not have used the HSE if you used it within 2 years of this sale

as to cost

1)there's the purchase price (the mortgage is irrelevant)

2) closing costs on purchase such as title fees, survey fees, recording fees, title costs, home inspection fee (the best source would be you closing statement on purchase - note may items on it are considered personal expenses which are not includable in the cost such as mortgage acquisition costs) terminology can differ from location to location - Turbotax premier and above and all desktop versions include a home sale worksheet which would help you.

3) capital improvements

4) less and depreciation allowed or allowable if used as a rental or home office

5) seller credits and certain rebates such as from the title company

your sales price as adjusted

Your sales price (again the mortgage payoff is ignored)

Less

selling expenses such as realtors commission, home inspection fee, home warranty fee, transfer tax

certain credits given to buyer

gain sales price as adjusted less cost

the list of items is not all inclusive

for actual reporting the selling expenses are treated as an addition to your cost

Re: I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this?

rjs — Thu, 15 May 2025 01:02:41 GMT

If you receive a Form 1099-S for the sale you have to report it on your tax return, even if the gain is less than $250,000/$500,000 and you meet the ownership and residence requirements to exclude the gain.

If you use TurboTax Online you have to use the Premium version if you are reporting the sale, whether or not you got a 1099-S.

Re: I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this?

Opus 17 — Thu, 15 May 2025 18:01:10 GMT

Review publication 523 to see all the allowable adjustments to basis.

https://www.irs.gov/forms-pubs/about-publication-523