115216
You'll need to sign in or create an account to connect with an expert.
The sale of your home in 2016 may qualify for the exclusion of you lived in your home for at least 24 months of the previous five years before the date of sale. 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).
To record the sale of your home while you are logged into your TurboTax Self Employed account follow these steps:
When you buy a house there are a few things you can deduct in the year of purchase, and then going forward.
You will deduct the mortgage interest and property tax paid in 2016 if you are able to itemized deductions. Be sure to include any points as well as mortgage insurance premiums (also known as MIP or PMI). This information will be on the settlement statement, usually known as the HUD1, or on the year end statement from the lender. If property taxes were paid by you and not the lender you include that amount from your actual payments in 2016.
The items on your HUD-1 Settlement Statement will fall into categories noted.
The purchase price will be contained with the documents showing your original investment when you bought it and will be used against a future selling price to reduce any taxable gain at that time (including your down payment). If you make improvements that extend the life of the property retain the records to continue to track your cost of the property.
To record the expenses of the purchase of your new home while you are logged into your TurboTax Self Employed account follow these steps:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
PGW1
Returning Member
user17525279893
Level 1
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
MWQ
Level 2
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
user17523253579
New Member
MoisesyDith
Level 1