Sold house and bought new house

[glenngroves]

I bough a new house in 2015 and sold my old house in November 2016. i had owned my previous house for 14 years. do i need to report what $ i got after Mortgage was paid off?

[jerry2000 · Accepted solution]

What you paid off for the mortgage has absolutely nothing to do with whether you had a gain or not. Mortgage payoff does not enter into the calculation at all. You have to report the sales price, among other things.

You report the Sale of a personal residence at:
Federal Taxes
Wages & Income
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Scroll down to
Less Common Income
on the
Sale of Home line, click start or update
then enter the necessary information in response to the interview

The purchase of a new personal residence is not a reportable event.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
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My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.