I don’t have a 1099s and am having trouble entering the sale and purchase of a new house. Is there an easy way?

[goldierachael]

Form 8949 is not available to use am I doing something wrong?

[JamesG1]

Are you wanting to report the sale of your personal residence?  Or something else?  Please clarify.

The purchase of a new house is generally not a taxable event.  Please clarify.

In TurboTax Online, to report the sale of your personal residence, enter 'sale of home' in the search microscope in the upper right hand corner of the screen.  Click on 'Jump to sale of home'.

Follow the prompts to determine the gain and whether the gain is taxable.

IRS form 8949 will be generated by the software if a gain needs to be reported.  

The tax code allows taxpayers to exclude up to $250,000 ($500,000 for certain taxpayers who file a joint return) of the gain from the sale (or exchange) of property owned and used as a principal residence (main home) for at least two of the five years before the sale. 

If a taxpayer qualifies to exclude the entire gain on the sale form income, the transaction might not be required to be reported on the tax return.  

See also this TurboTax Help.

[goldierachael]

Ok so the cost basis is from the original price of the sold home- improvements, then sold price? Our loan amounts taken into consideration on the sold home?

[Vanessa A]

Yes, the cost basis is your original purchase price plus capital improvements.  This means major items such as a remodel, new roof, new heating system. It does not include things like painting or maintenance.  Your purchase prices includes the actual price you paid for the sale, original title insurance, legal fees and recording fees. It does not include sales tax.

The price the seller paid you for your house is the sold price.  This does not include their realtor fees or taxes that did not go to you. If you paid for the realtor fees or other closing costs, you can subtract these expenses.  There is a box that says I paid some of the closing cost.  Check that box and enter the amount there. 

No. The loan amount is not taken into consideration on the sold home.  The loan is not considered at all for the sale of the home.  The only costs that matter on your side are your purchase price and improvements.