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waddell-sharon
New Member

How do I enter the sale of my home and purchase of another home

 
1 Reply
KatherineC
New Member

How do I enter the sale of my home and purchase of another home

There are arguments as to whether or not you have to report the sale of your home.  While it’s true that, if you meet the requirements, any gain on the sale is excluded (up to $500,000 for married filing a joint return); IF you receive Form 1099-S for the sale, the IRS will match the 1099-S up to your return.  Even if there’s no tax consequence it is worth entering the sale into your return just to avoid correspondence with the IRS. 

To enter the sale, click on Federal Taxes, Wages and Income, and look for Less Common Income.  Click the button beside Home Sale.  (See the screenshot below).  

You can also click on the search icon in the upper right of your Turbo Tax screen and type Home Sale, then click on the Jump To link.

You will need to add the original cost, plus improvements made that added to the life of the house, as well as any special assessments paid.  For further guidance, please look at the information below.

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Aspects-of-Home-Ownership--Selling... 

As to the purchase of your new home, you would not record that.  If you are charged for real estate taxes or points (although these are usually reported on your Form 1098), you can deduct these amounts on Schedule A. 

Please look at the following information for further guidance.

https://ttlc.intuit.com/replies/4583910


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