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ggaborow
New Member

I sold my house and bought a new house in 2017. They were the same price. Can I use form 1040A?

 
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Anita01
New Member

I sold my house and bought a new house in 2017. They were the same price. Can I use form 1040A?

You may need to file a 1040 using Premier.

If you had a taxable gain and/or receive a 1099-S, you will need to report the sale and to use Premier.

The price of the second home does not matter.  What matters is whether you had a gain from selling the first home.  That's calculated by subtracting the price you paid for the old home, plus any improvements you made, from the sale price you received.  You can deduct brokerage commissions or other selling costs from the sale price.

You won't owe any tax if you owned and lived in the house as your primary residence for 2 years before the sale, and that gain was less than $250,000 for Single or $500,000 for married joint.

If you had no taxable gain or a loss, you don't report this at all unless you received a 1099-S from the title  company.

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