Tax Year Prior to 2020: Sold a house and bought a house

[loriacn]

My ex and I sold a house I was not on the loan, just deed. I used proceeds to purchase my own home

[KarenL2]

Unless it was an investment property (and did a 1031 exchange), the fact that you used the proceeds to purchase a new home doesn't matter for tax purposes.  If the home was sold while you were single, you may qualify for a home sale exclusion if you lived in it 2 of the last 5 years.

If your home sale must be reported, then you can report your share of the sales price and expenses.

If all of the following apply, you don't need to report it.

• You lived in the home as your main home for at 2 of the 5 years preceding the sale.
• Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).
• You didn't take depreciation deduction on the home or use it for business during the time you owned it.
• You didn't rent it out at any time that you owned it.
• You didn’t receive a Form 1099-S.

Where to enter the sale of your home  (if required) in TurboTax: While inside the software and working on your return, type sale of home in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to sale of home.  Select that to get to the general area. 

HOME PURCHASE

You can deduct any interest, property taxes, and most mortgage insurance premiums that are reported on the Form 1098 Mortgage Interest statement.  You can also deduct any interest or property taxes from the settlement statement that are not already reported on the Form 1098 and not "pre-paid" and held in escrow.  

Additionally, you can deduct qualified points paid on a mortgage and qualified mortgage insurance premiums. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

Where do I enter my 1098 mortgage interest statement?

https://ttlc.intuit.com/replies/4793767

Here's an alternate method to get there:

• Federal Taxes tab (Personal in the Home and Business Version
• Deductions and Credits
• Your Home
• Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)

[Susan Brooks]

I sold a home I got in my divorce and later bought another I also had to pay my x part of the money from the first home can I put it on my tax return I lived in the home 3 years out of the time we owned it I was out of it for only a few months.  Can I fix my tax return I finished yesterday or do I have to do something else?

[Cynthiad66]

If you receive an informational income-reporting document such as Form 1099-S, Proceeds From Real Estate Transactions, you must report the sale of the home even if the gain from the sale is excludable. Additionally, you must report the sale of the home if you can't exclude all of your capital gain from income.

In other words, if you received a form 1099-S you must show the sale on your return for IRS purposes even if it is non-taxable.  But, if you did not receive that document and you meet the requirements for non-taxable, then you do not have to amend your return to include the sale.  Below are requirements.

You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule.

@Susan Brooks