Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Jun 1, 2019 12:15:54 PM

Home improvements for sale of home: less than 250K, no capital gains, do I still need to get into the home improvement costs??

0 5 306
5 Replies
Intuit Alumni
Jun 1, 2019 12:15:54 PM

No, you do not have to, but unless you don't have the information, it is not a bad idea. Always try to be as accurate as possible.

Intuit Alumni
Jun 1, 2019 12:15:55 PM

You don't have to comb through 30 years worth of docs. You do have to include the sale, since you got a 1099-S, but if you know for a fact there is no gain, dispense with the improvements.

Intuit Alumni
Jun 1, 2019 12:15:57 PM

I attempted to provide you with this answer on the other page but was unable to.

Returning Member
Jun 1, 2019 12:15:59 PM

Thank you TurboTaxColleen. I appreciate your reply, and yes, I found the other question string did not allow me to comment any more either.

Level 15
Jun 1, 2019 12:16:00 PM

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.