You'll need to sign in or create an account to connect with an expert.
No. As long as you did not use the house for business or take any depreciation deductions on your prior tax returns, there is nothing to report if you meet the sale of homes rules.
A personal loss is never deductible.
If you made money on the sale of your house, we can help you find out if this profit is tax-free, up to $250,000 ($500,000 for married filing jointly). In your case you would each report half of the sale, purchase price, sales and purchase expenses.
Ownership: Determine whether you meet the ownership requirement. If you owned the home for at least 24 months (2 years) during the last 5 years leading up to the date of sale (date of the closing), you meet the ownership requirement.
Residence: Determine whether you meet the residence requirement. If your home was your residence for at least 24 of the months you owned the home during the 5 years leading up to the date of sale, you meet the residence requirement. The 24 months of residence can fall anywhere within the 5-year period. It doesn't even have to be a single block of time. All you need is a total of 24 months (730 days) of residence during the 5-year period.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cinmay1120
Level 2
RivenSnow
Returning Member
artisan1475
New Member
sam992116
Level 3
king2434
Level 1
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.