I shredded my original paperwork from my purchase of the house that I bought in 2001 and sold in 2016. So I need that in order to do my taxes?
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I shredded my original paperwork from my purchase of the house that I bought in 2001 and sold in 2016. So I need that in order to do my taxes?

 
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I shredded my original paperwork from my purchase of the house that I bought in 2001 and sold in 2016. So I need that in order to do my taxes?

It certainly helps.  There are amounts on that form that you may be able to claim to reduce any potential capital gains.  Also, you will need your purchase date the the actual contract purchase price.  If you remember your real estate agent, or the title company, they may have a copy of those documents.

If all of the following apply, you don't need to report your home sale.

  • You lived in the home as your main home for at 2 of the 5 years preceding the sale.
  • Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).
  • You didn't take depreciation deduction on the home or use it for business during the time you owned it.
  • You didn't rent it out at any time that you owned it.
  • You didn’t receive a Form 1099-S.

Where to enter the sale of your home  (if required) in TurboTax: While inside the software and working on your return, type sale of home in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to sale of home.  Select that to get to the general area. 


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