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jgseitz63
New Member

I sold my home & have capital gains tax over $250,000 allowed by capital gains. I have receipts for all of the capital improvements to the house. Where do I file these?

I need to know where to record the capital improvements to the sale of my primary home.  I have exceeded the $250K capital gains allowance and I want to reduce my capital gains by the amount of $capital improvements I made to the home.  Where, in turbo tax, do I record the costs for capital improvement?

1 Best answer

Accepted Solutions
DoninGA
Level 15

I sold my home & have capital gains tax over $250,000 allowed by capital gains. I have receipts for all of the capital improvements to the house. Where do I file these?

In the section for the home sale you report the Adjusted Basis of the home which includes the purchase price plus the cost of any improvements to the home prior to the sale. If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

View solution in original post

1 Reply
DoninGA
Level 15

I sold my home & have capital gains tax over $250,000 allowed by capital gains. I have receipts for all of the capital improvements to the house. Where do I file these?

In the section for the home sale you report the Adjusted Basis of the home which includes the purchase price plus the cost of any improvements to the home prior to the sale. If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

View solution in original post

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