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jrhayes04
New Member

I sold my home in 2019. Why do I need to file Sched D to report capital gains if I used the funds of the sale towards the purchase of a new property of greater value?

I sold my home in 2019. Why do I need to upgrade to Premier to file Sched D to report capital gains if I used the funds of the sale towards the purchase of a new property of greater value (also in 2019)?
3 Replies
DoninGA
Level 15

I sold my home in 2019. Why do I need to file Sched D to report capital gains if I used the funds of the sale towards the purchase of a new property of greater value?

The requirement to purchase another residence after the sale of your primary residence to defer any capital gains was removed from the tax code in 1997.

 

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

djdhelen
New Member

I sold my home in 2019. Why do I need to file Sched D to report capital gains if I used the funds of the sale towards the purchase of a new property of greater value?

I sold my home to buy a different home. the program won't let me enter any expenses for the sale of my home.

MayaD
Employee Tax Expert

I sold my home in 2019. Why do I need to file Sched D to report capital gains if I used the funds of the sale towards the purchase of a new property of greater value?

Did you sell your main home?

To report the sale of main home:

  • Login to your account.
  • Select Federal from the left menu
  • Go to Wages and Income then Income and Expenses.
  • Scroll down to Less Common Income.
  • Select Start next to Sale of Home.
  • Continue to the Sales Information screen and enter your expenses.

 

Sales expenses are listed in the sellers column of your settlement statement and include:
 - commissions
 - appraisal fees
 - broker's fees
 - legal fees
 - advertising fees
 - home inspection reports
 - title insurance
 - transfer taxes or fees
 - geological surveys
 - loan charges (points) or other fees paid on the buyer's behalf
 - any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.) 

NOTE:
Sales expenses do not include:
 - mortgage payoffs
 - home equity loan payoffs
 - rent-back costs
 - payoff to creditors
 - property taxes
 - home owner association fees

 

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