Tax Year Prior to 2020: Do I need to report the sale of my home? It sold for $125,000 and I purchased a new home for $96,000.

pmosher99 — Thu, 27 Apr 2023 22:31:42 GMT

I sold my house in California and purchased my home in Texas. Do I have to upgrade to premier and claim that or I do not need to because It was not considered capitol gains. Also, can I deduct realtor fees?

If all of the following apply, you don't need to report i...

KarenL2 — Thu, 06 Jun 2019 09:30:24 GMT

If all of the following apply, you don't need to report it.

You lived in the home as your main home for at 2 of the 5 years preceding the sale.
Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).
You didn't take depreciation deduction on the home or use it for business during the time you owned it.
You didn't rent it out at any time that you owned it.
You didn’t receive a Form 1099-S.

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. You can deduct the real estate agent fees and the items listed below in Sales Expenses. You cannot deduct normal maintenance items, but you can deduct expenses to prepare the home for sale.

Where to enter the sale of your home (if required) in TurboTax: While inside the software and working on your return, type sale of home in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to sale of home. Select that to get to the general area.

Sales expenses are listed in the sellers column of your settlement statement and include:

commissions
appraisal fees
broker's fees
legal fees
advertising fees
home inspection reports
title insurance
transfer taxes or fees
geological surveys
loan charges (points) or other fees paid on the buyer's behalf
any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.)

Sales expenses do not include:

mortgage payoffs
home equity loan payoffs
rent-back costs
payoff to creditors
property taxes
home owner association fees

Is the Sale of My Main Home Taxable?

https://ttlc.intuit.com/replies/3300213

topic Tax Year Prior to 2020: Do I need to report the sale of my home? It sold for $125,000 and I purchased a new home for $96,000. in Deductions & credits

Tax Year Prior to 2020: Do I need to report the sale of my home? It sold for $125,000 and I purchased a new home for $96,000.

If all of the following apply, you don't need to report i...