Solved: If I have the date, purchase price of first home I owned for 25 years and sold in 2018, can I still enter what I have? (Don't know the closing costs, title fee etc)
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If I have the date, purchase price of first home I owned for 25 years and sold in 2018, can I still enter what I have? (Don't know the closing costs, title fee etc)

 
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If I have the date, purchase price of first home I owned for 25 years and sold in 2018, can I still enter what I have? (Don't know the closing costs, title fee etc)

You are not required to enter closing costs. They are for your benefit and can help reduce the gain. They are found on your HUD-1 statement.

To enter your primary residence and potentially exclude all or some of your gain, see the steps below.

How (or if) you report this house sale will depend on the use of the property prior to the sale. However if you used the property for personal use, then you will not report any capital loss on this sale on your income tax return. (The IRS does not allow a capital loss on the sale of personal use property. This rule applies to the sale of a primary home/second home/inherited home that was a personal use property.)

To enter your sale of your primary residence  please follow these steps:

  1. Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose “Sale of Home (gain or loss)” and select “start’
  6. You will want to use the "Easy Guide" to determine the adjusted basis on this home 

Say "yes" that you sold your main home and TurboTax will guide you on entering this information.  You will need:

  • The date you sold your home and the selling price (from your closing statement)
  • The date you bought your home and the purchase price (from your closing statement)
  • The cost of any major improvements you made, so we can deduct them for you
  • Form 1099-C if you sold your home at a loss (short sale)

Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S.


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Highlighted
New Member

If I have the date, purchase price of first home I owned for 25 years and sold in 2018, can I still enter what I have? (Don't know the closing costs, title fee etc)

If you sold a second home or rental, let me know.
Highlighted
New Member

If I have the date, purchase price of first home I owned for 25 years and sold in 2018, can I still enter what I have? (Don't know the closing costs, title fee etc)

You are not required to enter closing costs. They are for your benefit and can help reduce the gain. They are found on your HUD-1 statement.

To enter your primary residence and potentially exclude all or some of your gain, see the steps below.

How (or if) you report this house sale will depend on the use of the property prior to the sale. However if you used the property for personal use, then you will not report any capital loss on this sale on your income tax return. (The IRS does not allow a capital loss on the sale of personal use property. This rule applies to the sale of a primary home/second home/inherited home that was a personal use property.)

To enter your sale of your primary residence  please follow these steps:

  1. Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose “Sale of Home (gain or loss)” and select “start’
  6. You will want to use the "Easy Guide" to determine the adjusted basis on this home 

Say "yes" that you sold your main home and TurboTax will guide you on entering this information.  You will need:

  • The date you sold your home and the selling price (from your closing statement)
  • The date you bought your home and the purchase price (from your closing statement)
  • The cost of any major improvements you made, so we can deduct them for you
  • Form 1099-C if you sold your home at a loss (short sale)

Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S.


View solution in original post

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