You'll need to sign in or create an account to connect with an expert.
You might not even need to enter anything about selling the house. Are you Single-- or filing a married filing jointly return?
SALE OF HOUSE
If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)
If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).
paying off the mortgage is not a selling expense. never was and likely never will be.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mklpan
Level 1
TND1
New Member
crispone
Level 2
razor5
Level 3
BM85
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.