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pjhudale
New Member

Real estate sale of home

where do I file -- sold my main residence and bought a more expensive under $500 for both
1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

Real estate sale of home

The sale of your home is entered in income section, while some deductions on your home purchase are entered in Deductions and Credits. Please read below, though, you may not have to enter the sale...

Home Sale

The sale of your home is reported only if you have taxable gain or received Form 1099-S. 

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

  1. Federal Taxes
  2. Wages and Income
  3. Select Less Common Income
  4. Select Sale of Home

 

Home Purchase

Although the purchase of your new home is never reported on your tax return, you can still deduct home mortgage interest, real estate taxes, Primary Mortgage Insurance and Points paid on your purchased home. You should be receiving Form 1098 and, if not all items paid are listed, you may look at your HUD-1 statement. You may also be receiving Form 1098 for your original house (the one you sold) and you can deduct the above items as well.

  1. Federal Taxes
  2. Deductions & Credits
  3. Your Home - you may choose: Mortgage Interest and Refinancing, Points, Real Estate Taxes or Mortgage 

View solution in original post

2 Replies
MargaretL
Employee Tax Expert

Real estate sale of home

The sale of your home is entered in income section, while some deductions on your home purchase are entered in Deductions and Credits. Please read below, though, you may not have to enter the sale...

Home Sale

The sale of your home is reported only if you have taxable gain or received Form 1099-S. 

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

  1. Federal Taxes
  2. Wages and Income
  3. Select Less Common Income
  4. Select Sale of Home

 

Home Purchase

Although the purchase of your new home is never reported on your tax return, you can still deduct home mortgage interest, real estate taxes, Primary Mortgage Insurance and Points paid on your purchased home. You should be receiving Form 1098 and, if not all items paid are listed, you may look at your HUD-1 statement. You may also be receiving Form 1098 for your original house (the one you sold) and you can deduct the above items as well.

  1. Federal Taxes
  2. Deductions & Credits
  3. Your Home - you may choose: Mortgage Interest and Refinancing, Points, Real Estate Taxes or Mortgage 

View solution in original post

jaxt315
Returning Member

Real estate sale of home

It should be noted that the HUD-1 has not been used on primary residences since October of 2015.  This information is reported on the Closing Disclosure (CD).
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