Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
honeycombe8
Level 2

Sold house 2016. Title co sent me 1099, despite request not to. I don't owe cap gains. Can I report the 2017 new house purchase in 2016 return so don't have to pay taxes?

 
1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

Sold house 2016. Title co sent me 1099, despite request not to. I don't owe cap gains. Can I report the 2017 new house purchase in 2016 return so don't have to pay taxes?

Purchasing a new house has nothing to do with paying tax on the sale of the old house. That provision was removed from the tax law 20 years ago. And you do not report the purchase of a house on your tax return.

If you don't owe tax on the sale, receiving the Form 1099-S will not make you owe tax, but you have to report the sale on your 2016 tax return. When you enter the information about the sale, and answer all the questions in TurboTax, it should not result in any tax if you are correct that you do not owe tax on the sale.

View solution in original post

4 Replies
SweetieJean
Level 15

Sold house 2016. Title co sent me 1099, despite request not to. I don't owe cap gains. Can I report the 2017 new house purchase in 2016 return so don't have to pay taxes?

You asked a 2016 tax Q here several months ago.  Have you already filed your 2016 return, and now need to amend?
honeycombe8
Level 2

Sold house 2016. Title co sent me 1099, despite request not to. I don't owe cap gains. Can I report the 2017 new house purchase in 2016 return so don't have to pay taxes?

I filed an extension. Now am filing the final.
rjs
Level 15
Level 15

Sold house 2016. Title co sent me 1099, despite request not to. I don't owe cap gains. Can I report the 2017 new house purchase in 2016 return so don't have to pay taxes?

Purchasing a new house has nothing to do with paying tax on the sale of the old house. That provision was removed from the tax law 20 years ago. And you do not report the purchase of a house on your tax return.

If you don't owe tax on the sale, receiving the Form 1099-S will not make you owe tax, but you have to report the sale on your 2016 tax return. When you enter the information about the sale, and answer all the questions in TurboTax, it should not result in any tax if you are correct that you do not owe tax on the sale.

DoninGA
Level 15

Sold house 2016. Title co sent me 1099, despite request not to. I don't owe cap gains. Can I report the 2017 new house purchase in 2016 return so don't have to pay taxes?

If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.  You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions.   Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen.  Click on Jump to sale of home

Dynamic AdsDynamic Ads
Privacy Settings
v