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jmcavaddy
New Member

I sold my house and purchased a new house but turbo tax is using the sold house address to address cost associated with the new house.

 
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IsabellaG
Expert Alumni

I sold my house and purchased a new house but turbo tax is using the sold house address to address cost associated with the new house.

There is no place to enter the purchase of a new house on your tax return. If you sold your old house, you may be able to exclude the gain on the sale if you qualify. But purchasing a new home doesn't have anything to do with it.

 There was an old law many years ago that allowed you to defer the gain on the sale of your old residence if you purchased a new one with a higher cost basis, but that is not the current law.

See this answer from TurboTax PatriciaV for information about the sale of your personal residence:

https://ttlc.intuit.com/replies/4995158

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1 Reply
IsabellaG
Expert Alumni

I sold my house and purchased a new house but turbo tax is using the sold house address to address cost associated with the new house.

There is no place to enter the purchase of a new house on your tax return. If you sold your old house, you may be able to exclude the gain on the sale if you qualify. But purchasing a new home doesn't have anything to do with it.

 There was an old law many years ago that allowed you to defer the gain on the sale of your old residence if you purchased a new one with a higher cost basis, but that is not the current law.

See this answer from TurboTax PatriciaV for information about the sale of your personal residence:

https://ttlc.intuit.com/replies/4995158

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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