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New Member
posted Feb 9, 2020 9:46:31 AM

What if I sold and bought a house in 2019?

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3 Replies
Expert Alumni
Feb 9, 2020 10:07:50 AM

For more details, please see this article: Sold a house and bought a house.

 

If you lived in the sold home for two out of the last five years and never rented the property or used a home office deduction (not the simplified method), then the homeowner has a $250,000 gain exemption. If there is a spouse and the home is jointly held, then each have the $250,000 exemption for a total of $500,000.

 

The main reporting for the purchased home would be the property taxes and mortgage interest expense paid in 2019.

New Member
Feb 16, 2020 5:23:39 PM

You indicated;

 

The main reporting for the purchased home would be the property taxes and mortgage interest expense paid in 2019.

 

--So the property sold you do not report the property taxes on? Just the mortgage interest?

Expert Alumni
Feb 17, 2020 7:47:35 AM

If you paid property tax in 2019 on the house that was sold before it was sold, then you can deduct the property tax that was paid in addition to the mortgage interest.  It just depends on it if was paid prior to the date the house was sold.

 

@reloriaga