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logandp3
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I sold a home in OR and bought one for cash in MT how do I claim on taxes?

How do I itemize fees from sale of home?
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I sold a home in OR and bought one for cash in MT how do I claim on taxes?

Was this your primary home?

 

SALE OF HOUSE

 

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S

 

Go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

 

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

 

  • If you are using online TT, you need Premium software to report the 1099-S
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I sold a home in OR and bought one for cash in MT how do I claim on taxes?

what fees exactly since every state/city is different? most would likely be includable as selling expenses. 

some would be nondeductible (such as HOA fees),  mortgage interest and taxes would go on schedule A.

 

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