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svb716
New Member

Where do I enter information showing that I sold my home and purchased a new one?

I sold at a profit after owning my home for 24 years
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1 Reply
KrisD15
Expert Alumni

Where do I enter information showing that I sold my home and purchased a new one?

You will enter that under 

Wages & Income

Less Common Income

Sale of Home (gain or loss)

 

You may be eligible to exclude 250,000 of the gain (500,000) if Married Filing Jointly if you owned and lived in the home 2 of the last 5 years. 

The exclusion can only be taken once every two years. 

TurboTax will walk you through the process. 

 

There was a time where capital gains on personal homes could be deferred if a home of equal or greater value was purchased, but that is no longer the case. 

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