turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I sold my house in 2018 of july but i had to give the lender what i owed and the rest for me do i have to claim it on my taxes

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

I sold my house in 2018 of july but i had to give the lender what i owed and the rest for me do i have to claim it on my taxes

No, outstanding debts are not considered in gain or loss. You will compare purchase price or adjusted basis (total of investment) to sales price (minus cost of sale). This will determine gain or loss.

The basis of property you buy is usually its cost. ... Your original basis in property is adjusted (increased or decreased) by certain events. If you make improvements to the property, increase your basis. If you take deductions for depreciation or casualty losses, reduce your basis.

View solution in original post

1 Reply
Coleen3
Intuit Alumni

I sold my house in 2018 of july but i had to give the lender what i owed and the rest for me do i have to claim it on my taxes

No, outstanding debts are not considered in gain or loss. You will compare purchase price or adjusted basis (total of investment) to sales price (minus cost of sale). This will determine gain or loss.

The basis of property you buy is usually its cost. ... Your original basis in property is adjusted (increased or decreased) by certain events. If you make improvements to the property, increase your basis. If you take deductions for depreciation or casualty losses, reduce your basis.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question