posted

I carried forward the gain from home sale 1993. This year I sold the home. Do I need to reduce the purchase price of that home by the gain carried forward?

1 Best answer

Accepted Solutions

I carried forward the gain from home sale 1993. This year I sold the home. Do I need to reduce the purchase price of that home by the gain carried forward?

You would need to reduce your cost basis in the house, not the sale price.

View solution in original post

2 Replies

I carried forward the gain from home sale 1993. This year I sold the home. Do I need to reduce the purchase price of that home by the gain carried forward?

You would need to reduce your cost basis in the house, not the sale price.

I carried forward the gain from home sale 1993. This year I sold the home. Do I need to reduce the purchase price of that home by the gain carried forward?

The adjusted cost guide included the answer 3 screens into the process.

Found what you need?

Already have an account? Sign In

(4.6/5 | 291,310 reviews)

Top help articles

view all

What is the Child Tax Credit?

Do I need to enter a 1095-C?

Where do I enter my estimated tax payments?

Still have questions?

Make a post

Or browse the Forums

v

ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~