topic If we sold our home and used the money to build our retirement home do we need to put this on our tax form? in Retirement tax questions

If we sold our home and used the money to build our retirement home do we need to put this on our tax form?

dknisley2 — Wed, 05 Feb 2020 21:52:18 GMT

Re: If we sold our home and used the money to build our retirement home do we need to put this on our tax form?

xmasbaby0 — Wed, 05 Feb 2020 21:54:13 GMT

SALE OF HOUSE

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).

If you are using online TT, you need Premier or Self-Employed software to report the 1099-S
.https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible

Re: If we sold our home and used the money to build our retirement home do we need to put this on our tax form?

DoninGA — Wed, 05 Feb 2020 21:56:33 GMT

Building or purchasing a personal residence is not reported on a tax return.

The sale of a personal residence may have to be reported on a tax return depending on certain circumstances.

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.