I am working on my primary home sale; 1099S to see if we owe any capital gains. I can't seem to find where we are able to deduct the mortgage and home equity loan

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 Premium software to report the 1099-S

 

TO ENTER THE SALE OF YOUR PRIMARY HOME

1. Start with Federal 
2. Click on Wages and Income 
3. Select Choose what I work on
4. Scroll down to Less Common Income
5. On Sale of Home (gain or loss), 
6. Click the start or update button

 

NOTE:   If you have ever used the home as rental property or claimed a home office, you have more information to enter

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/homeowner-tax-credits-deductions/selling-home-affect-taxes/L3I66YR0u_US_en_US?uid=m6cuq5qg

 

 

Selling expenses:

 

Commissions

Appraisal fees

Legal fees

Advertising fees

Home inspections reports

Title insurance

Transfer tax or fees

Geological surveys

Loan origination points paid on behalf of buyer

 

NOT selling expenses

Mortgage or HELOC payoffs

Rent back costs

Payoffs to creditors

Property tax

HOA fees

 

The mortgage loan and home equity loans are not included in the home sale capital gain or loss calculation.

 

Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)