Sold my primary home in 2017 and bought a new primary home. did not pay any points or origination fees. do I need to claim anything from the sell or buy?

[Coleen3 · Accepted solution]

If you do not qualify to include the entire gain or you received a 1099-S, you will need to report the sale. You need do nothing for the new house until you have a deduction.

If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.

Does Your Home Sale Qualify for Maximum Exclusion

The tax code recognizes the importance of home ownership by providing certain tax breaks when you sell your home. To qualify for these breaks, your home must meet the Eligibility Test , which is explained later.

The type of home involved is less important. A single-family home, condominium, cooperative apartment, mobile home, or houseboat can all count as a home.

How your sale qualifies.   Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.

• You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
• You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
• You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.