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New Member
posted Jul 12, 2020 2:42:53 PM

Expenses from Sale of home

Where do I record the expenses associated with the sale of a home?

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2 Replies
Level 15
Jul 12, 2020 2:52:19 PM

Was this your primary residence?  You do not enter anything about selling the house unless you made enough money on it to owe capital gains or owned it for such a short time that you must enter it.  Do you have a 1099-S?

 

 

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

 

 

New Member
Jul 12, 2020 3:06:52 PM

Thanks!  Can I deduct the expenses of selling the house?  If so, do you know where?  I am filing as married, joint, and cannot find where I can itemize my deductions.

 

I truly appreciate your help!