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calvinhvu
New Member

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

 
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Accepted Solutions
KrisD
Intuit Alumni

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

If you made major improvements to the house, add that to the basis (your value) of the property. 

So, if you purchased for 100,000 and added 20,000, enter 120,000 as the "Adjusted Cost Basis", 

OR if you use the "Easy Guide" you will enter the purchase price and the improvements individually. 

  • Open your return. (To do this, sign in to TurboTax and select the blue Take me to my return button.)
  • Type “sale of home” in the Search box.
  • Select the “Jump to” link in the search results.
  • Follow the screens to enter the info from your 1099-S.

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.


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6 Replies
KrisD
Intuit Alumni

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

If you made major improvements to the house, add that to the basis (your value) of the property. 

So, if you purchased for 100,000 and added 20,000, enter 120,000 as the "Adjusted Cost Basis", 

OR if you use the "Easy Guide" you will enter the purchase price and the improvements individually. 

  • Open your return. (To do this, sign in to TurboTax and select the blue Take me to my return button.)
  • Type “sale of home” in the Search box.
  • Select the “Jump to” link in the search results.
  • Follow the screens to enter the info from your 1099-S.

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.


calvinhvu
New Member

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

Thank you. That would be my best guess if I can't find any other places to enter the info. I did click on the Easy Guide and none of the deductions are related to home improvements. That's why I wonder if there's another place to enter that info, like in the Deduction section instead of the Income section.
Thanks again. Maybe the Turbo Tax program should add a one-liner in the Easy Guide for home improvement deductions to avoid confusion.
KrisD
Intuit Alumni

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

Did you go through the "Easy Guide"? On the second screen it asks for improvements, but maybe you're looking for something else. I included the screen I'm talking about in the original answer. Also when you click on "Cost Basis" in blue,(in the program) it does say to add in permanent home improvements. But I agree, there is a ton of information in the programs, but sometimes the most useful is the hardest to find.
Thank you for using TurboTax.
calvinhvu
New Member

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

Oops.my bad, sorry. I didn't see anything relevant on the first Easy Guide screen so I just hit Back instead of Continue.
calvinhvu
New Member

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

Thanks for the patience 🙂
KrisD
Intuit Alumni

I have home improvement deductions from home sale capital gain on a primary residence. Where in the Turbo Tax product can I list those deductions ? Thanks.

My pleasure. Thank you again.

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