Yes. If you
filed Form 2119 when you originally acquired your old home to postpone gain on
the sale of a previous home (back in 1997 or earlier), use the adjusted basis of the new
home calculated on your Form 2119. (See
Postponed Gains Under the Old "Rollover" Rules section.)
Prior to 1997, you could elect
to postpone the gain on your sale of home if you upgraded a more expensive
home. If you still have your physical form, you can check to see if you chose
to do so. You may have elected not to. You can see a blank copy of the form
below. Part IV would have given you the adjusted basis of the new home you
bought, had you elected to postpone the gain.
Per Pub 17:
The records you should keep
include: • Proof of the home's purchase price and purchase expenses; • Receipts
and other records for all improvements, additions, and other items that affect
the home's adjusted basis; • Any worksheets or other computations you used to
figure the adjusted basis of the home you sold, the gain or loss on the sale,
the exclusion, and the taxable gain; • Any Form 982 you filed to report any
discharge of qualified principal residence indebtedness; • Any Form 2119, Sale of Your
Home, you filed to postpone gain from the sale of a previous home before May 7,
1997; and • Any worksheets you used to prepare Form 2119, such as the Adjusted
Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the
Form 2119 instructions, or other source of computations.
https://www.irs.gov/pub/irs-prior/f2119--1991.pdf
The sale of a personal home at
a loss is not deductible and it would not affect the basis of the new home.
https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...
