turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

largosdad
New Member

I had to make capital improvements in order to sell my house (i.e. install a septic tank). Where do I enter this?

I sold my house in 2018.  But to sell it, I was required to replace the septic tank, install a Randon fan system, and install an arsenic absorber to the water system.  Where exactly can I enter this?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
IreneS
Expert Alumni

I had to make capital improvements in order to sell my house (i.e. install a septic tank). Where do I enter this?

The improvements you made are not deductible, but they are added to the cost basis of your house in order to calculate capital gain.

If the home was your primary residence, and you have lived in the residence for two of the past five years, you can exclude capital gain up to $500,000 for joint filers or $250,000 for single filers.  If this is the case you don't have to

 

If you wish to enter the sale of your principal residence in TurboTax to determine if there was a gain, please follow these steps:

  1. Click on Federal Taxes > Wages & Income
  2. Under Less Common Income, click on the Start/Revisit box next to Sale of Home (gain or loss).  
  3. On the screen Sale of Your Main Home click the Yes box.  
  4. On the Sold A Home screen, review the information you will need to enter and click Continue.  
  5. Continue through the interview, entering the requested information.
  6. On the screen, Tell Us About the Purchase of Your Home, you will need to enter the Adjusted Cost Basis.  For help in calculating the adjusted cost basis, click on the EasyGuide box.

Once you've entered all the information, TurboTax will calculate the gain for you.



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question