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Sold home, moved to acreage and plan to build new home next year

I sold my home of 23 years and moved to an acreage that I owned since 2015. I am currently living in a cabin that I built on the acreage and am planning to build a new home next spring. What tax deductions can I utilize for the cost and expense of selling my home, moving and storage of goods until my new home is built next spring? 

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Sold home, moved to acreage and plan to build new home next year

Moving expenses---and storage of your stuff---is not deductible on a federal return except for certain active duty members of the military.   

 

Per the tax laws that changed for 2018 and beyond, moving expenses are not deductible on a federal return except for certain active duty members of the military.

There are several states that allow a deduction for moving expenses on the state return:  AZ, AR, CA, HI, IA, MA, MN, NJ, NY, PA and VA  You can enter your moving expenses in the federal software and the information will flow to your state return.

 

As for selling your 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).

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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