We sold our house in 2016 for $206,000 and built another $216,000 in 2016. what do we claim on our income tax?

gertrude295 · ‎June 1, 2019

KenH1 · ‎June 1, 2019

You do not need to report anything related to the sale or purchase, since you owned and lived in the house for at least 2 of the last 5 years, and your gain was less than $250,000 (single) or $500,000 (joint).

If you itemize deductions, you may want to review the closing documents to see if any real estate taxes were paid by you or credited to you, since those are deductible.

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KenH1 · ‎June 1, 2019

How long did you own, and live in, the house that you sold?

gertrude295 · ‎June 1, 2019

25 YEARS

KenH1 · ‎June 1, 2019

You do not need to report anything related to the sale or purchase, since you owned and lived in the house for at least 2 of the last 5 years, and your gain was less than $250,000 (single) or $500,000 (joint).

If you itemize deductions, you may want to review the closing documents to see if any real estate taxes were paid by you or credited to you, since those are deductible.

We sold our house in 2016 for $206,000 and built another $216,000 in 2016. what do we claim on our income tax?