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
