topic Unfortunately, rolling over the gain into a&nbsp;new primary r... in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/unfortunately-rolling-over-the-gain-into-a-new-primary-r/01/341413#M42535 <P>Unfortunately, rolling over the gain into a&nbsp;new primary residence doesn't affect whether it's taxable or not.&nbsp;&nbsp;&nbsp; That said, <B>if </B><B>all of the following apply, you don't need to report the sale.</B></P><P> </P><UL> <LI>You lived in the home as your main home for at 2 of the 5 years preceding the sale.</LI> <LI>Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).</LI> <LI>You didn't take depreciation deduction on the home or use it for business during the time you owned it.</LI> <LI>You didn't rent it out at any time that you owned it.</LI> <LI>You didn’t receive a Form 1099-S.</LI> </UL><P> </P><P> <SPAN>If you are required to report your home sale, there will be a space in the software to enter the date sold, Selling Price, and Sales Expenses. &nbsp;You can deduct the items listed below in <B>Sales Expenses</B>. You cannot deduct normal maintenance items, but you can deduct expenses to prepare the home for sale.</SPAN> </P><P> </P><UL> </UL><P> </P><P> <B>Sales expenses are listed in the sellers column of your settlement statement and include:</B> </P><P> </P><UL> <LI>commissions</LI> <LI>appraisal fees</LI> <LI>broker's fees</LI> <LI>legal fees</LI> <LI>advertising fees</LI> <LI>home inspection reports</LI> <LI>title insurance</LI> <LI>transfer taxes or fees</LI> <LI>geological surveys</LI> <LI>loan charges (points) or other fees paid on the buyer's behalf</LI> <LI>any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.)&nbsp;</LI> </UL><P> </P><P>Sales expenses do not include:</P><P> </P><UL> <LI>mortgage payoffs</LI> <LI>home equity loan payoffs</LI> <LI>rent-back costs</LI> <LI>payoff to creditors</LI> <LI>property taxes</LI> <LI>home owner association fees</LI> </UL><P> </P><P> <B>Is the Sale of My Main Home Taxable?</B> </P><P> </P><P> <A href="https://ttlc.intuit.com/replies/3300213" target="_blank">https://ttlc.intuit.com/replies/3300213</A> </P><P> <B></B><I></I><U></U><BR /></P> Mon, 03 Jun 2019 20:07:12 GMT KarenL2 2019-06-03T20:07:12Z Sold primary residence purchased home May 5, 2015 and sold August 31, 2017. All gains $35,000 went to new home purchase. Is this taxable since we rolled it? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/sold-primary-residence-purchased-home-may-5-2015-and-sold-august-31-2017-all-gains-35-000-went-to/01/341403#M42534 Mon, 03 Jun 2019 20:07:09 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/sold-primary-residence-purchased-home-may-5-2015-and-sold-august-31-2017-all-gains-35-000-went-to/01/341403#M42534 trophywife 2019-06-03T20:07:09Z Unfortunately, rolling over the gain into a new primary r... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/unfortunately-rolling-over-the-gain-into-a-new-primary-r/01/341413#M42535 <P>Unfortunately, rolling over the gain into a&nbsp;new primary residence doesn't affect whether it's taxable or not.&nbsp;&nbsp;&nbsp; That said, <B>if </B><B>all of the following apply, you don't need to report the sale.</B></P><P> </P><UL> <LI>You lived in the home as your main home for at 2 of the 5 years preceding the sale.</LI> <LI>Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).</LI> <LI>You didn't take depreciation deduction on the home or use it for business during the time you owned it.</LI> <LI>You didn't rent it out at any time that you owned it.</LI> <LI>You didn’t receive a Form 1099-S.</LI> </UL><P> </P><P> <SPAN>If you are required to report your home sale, there will be a space in the software to enter the date sold, Selling Price, and Sales Expenses. &nbsp;You can deduct the items listed below in <B>Sales Expenses</B>. You cannot deduct normal maintenance items, but you can deduct expenses to prepare the home for sale.</SPAN> </P><P> </P><UL> </UL><P> </P><P> <B>Sales expenses are listed in the sellers column of your settlement statement and include:</B> </P><P> </P><UL> <LI>commissions</LI> <LI>appraisal fees</LI> <LI>broker's fees</LI> <LI>legal fees</LI> <LI>advertising fees</LI> <LI>home inspection reports</LI> <LI>title insurance</LI> <LI>transfer taxes or fees</LI> <LI>geological surveys</LI> <LI>loan charges (points) or other fees paid on the buyer's behalf</LI> <LI>any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.)&nbsp;</LI> </UL><P> </P><P>Sales expenses do not include:</P><P> </P><UL> <LI>mortgage payoffs</LI> <LI>home equity loan payoffs</LI> <LI>rent-back costs</LI> <LI>payoff to creditors</LI> <LI>property taxes</LI> <LI>home owner association fees</LI> </UL><P> </P><P> <B>Is the Sale of My Main Home Taxable?</B> </P><P> </P><P> <A href="https://ttlc.intuit.com/replies/3300213" target="_blank">https://ttlc.intuit.com/replies/3300213</A> </P><P> <B></B><I></I><U></U><BR /></P> Mon, 03 Jun 2019 20:07:12 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/unfortunately-rolling-over-the-gain-into-a-new-primary-r/01/341413#M42535 KarenL2 2019-06-03T20:07:12Z
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topic Unfortunately, rolling over the gain into a&nbsp;new primary r... in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/unfortunately-rolling-over-the-gain-into-a-new-primary-r/01/341413#M42535
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<P>Unfortunately, rolling over the gain into a&nbsp;new primary residence doesn't affect whether it's taxable or not.&nbsp;&nbsp;&nbsp; That said, <B>if </B><B>all of the following apply, you don't need to report the sale.</B></P><P> </P><UL> <LI>You lived in the home as your main home for at 2 of the 5 years preceding the sale.</LI> <LI>Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).</LI> <LI>You didn't take depreciation deduction on the home or use it for business during the time you owned it.</LI> <LI>You didn't rent it out at any time that you owned it.</LI> <LI>You didn’t receive a Form 1099-S.</LI> </UL><P> </P><P> <SPAN>If you are required to report your home sale, there will be a space in the software to enter the date sold, Selling Price, and Sales Expenses. &nbsp;You can deduct the items listed below in <B>Sales Expenses</B>. You cannot deduct normal maintenance items, but you can deduct expenses to prepare the home for sale.</SPAN> </P><P> </P><UL> </UL><P> </P><P> <B>Sales expenses are listed in the sellers column of your settlement statement and include:</B> </P><P> </P><UL> <LI>commissions</LI> <LI>appraisal fees</LI> <LI>broker's fees</LI> <LI>legal fees</LI> <LI>advertising fees</LI> <LI>home inspection reports</LI> <LI>title insurance</LI> <LI>transfer taxes or fees</LI> <LI>geological surveys</LI> <LI>loan charges (points) or other fees paid on the buyer's behalf</LI> <LI>any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.)&nbsp;</LI> </UL><P> </P><P>Sales expenses do not include:</P><P> </P><UL> <LI>mortgage payoffs</LI> <LI>home equity loan payoffs</LI> <LI>rent-back costs</LI> <LI>payoff to creditors</LI> <LI>property taxes</LI> <LI>home owner association fees</LI> </UL><P> </P><P> <B>Is the Sale of My Main Home Taxable?</B> </P><P> </P><P> <A href="https://ttlc.intuit.com/replies/3300213" target="_blank">https://ttlc.intuit.com/replies/3300213</A> </P><P> <B></B><I></I><U></U><BR /></P>
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Sold primary residence purchased home May 5, 2015 and sold August 31, 2017. All gains $35,000 went to new home purchase. Is this taxable since we rolled it?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/sold-primary-residence-purchased-home-may-5-2015-and-sold-august-31-2017-all-gains-35-000-went-to/01/341403#M42534
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Unfortunately, rolling over the gain into a new primary r...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/unfortunately-rolling-over-the-gain-into-a-new-primary-r/01/341413#M42535
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<P>Unfortunately, rolling over the gain into a&nbsp;new primary residence doesn't affect whether it's taxable or not.&nbsp;&nbsp;&nbsp; That said, <B>if </B><B>all of the following apply, you don't need to report the sale.</B></P><P> </P><UL> <LI>You lived in the home as your main home for at 2 of the 5 years preceding the sale.</LI> <LI>Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).</LI> <LI>You didn't take depreciation deduction on the home or use it for business during the time you owned it.</LI> <LI>You didn't rent it out at any time that you owned it.</LI> <LI>You didn’t receive a Form 1099-S.</LI> </UL><P> </P><P> <SPAN>If you are required to report your home sale, there will be a space in the software to enter the date sold, Selling Price, and Sales Expenses. &nbsp;You can deduct the items listed below in <B>Sales Expenses</B>. You cannot deduct normal maintenance items, but you can deduct expenses to prepare the home for sale.</SPAN> </P><P> </P><UL> </UL><P> </P><P> <B>Sales expenses are listed in the sellers column of your settlement statement and include:</B> </P><P> </P><UL> <LI>commissions</LI> <LI>appraisal fees</LI> <LI>broker's fees</LI> <LI>legal fees</LI> <LI>advertising fees</LI> <LI>home inspection reports</LI> <LI>title insurance</LI> <LI>transfer taxes or fees</LI> <LI>geological surveys</LI> <LI>loan charges (points) or other fees paid on the buyer's behalf</LI> <LI>any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.)&nbsp;</LI> </UL><P> </P><P>Sales expenses do not include:</P><P> </P><UL> <LI>mortgage payoffs</LI> <LI>home equity loan payoffs</LI> <LI>rent-back costs</LI> <LI>payoff to creditors</LI> <LI>property taxes</LI> <LI>home owner association fees</LI> </UL><P> </P><P> <B>Is the Sale of My Main Home Taxable?</B> </P><P> </P><P> <A href="https://ttlc.intuit.com/replies/3300213" target="_blank">https://ttlc.intuit.com/replies/3300213</A> </P><P> <B></B><I></I><U></U><BR /></P>
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