You'll need to sign in or create an account to connect with an expert.
Yes, you have to report the sale of a personal home if it meets the following criteria below. You don't have to report the purchase, but you can enter any mortgage interest and property taxes paid. If you sold rental property, then you absolutely have to report it.
Reporting Gain or Loss on Your Home Sale
Determine whether you need to report the gain from your home. You need to report the gain if ANY of the following is true.
If NONE of the three bullets above is true, you don’t need to report your home sale on your tax return.
We purchased a home in 1989 for approximately $125,000 and sold it in 2019 $243,000. We also purchased a new home in 2019 for $239,000. How do I figure the capital gains, if any?
You do not need to report the sale of your primary residence if:
If you still need to report the sale:
I purchased a home as my residence on December 30, 2022 and I will be place my current home on the market in 2023. Do I claim the purchase on the new residence purchase on December 30, 2022 on my 2022 tax return and if so what forms do I use and what do I claim. Thanks
You do not report the purchase of a home on your tax return, unless you are itemizing expenses and are claiming mortgage interest and property taxes. If you purchased the home on December 30,2022, you would not have paid any mortgage interest in 2022, therefore, you would not report anything about your home purchase on your 2022 taxes.
When you sell your other home in 2023, you will report the sale on your 2023 taxes and include the purchase price as your cost basis to decrease your gain on the sale.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
zeishinkoku2020
Level 2
pkg04792
New Member
patanov1
Level 1
sunshineInTheRain
Level 3
aes74
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.