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gbelley_
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Where do I enter the closing costs paid when I sold my home?

 
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Where do I enter the closing costs paid when I sold my home?

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

 

  • If you are using online TT, you need Premium software to report the 1099-S

 

TO ENTER THE SALE OF YOUR PRIMARY HOME

  1. Start with Federal 
  2. Click on Wages and Income 
  3. Select Choose what I work on
  4. Scroll down to Less Common Income
  5. On Sale of Home (gain or loss), 
  6. Click the start or update button

 

NOTE:   If you have ever used the home as rental property or claimed a home office, you have more information to enter

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/homeowner-tax-credits-deductions/selling...

 

Selling expenses:

 

Commissions

Appraisal fees

Legal fees

Advertising fees

Home inspections reports

Title insurance

Transfer tax or fees

Geological surveys

Loan origination points paid on behalf of buyer

 

NOT selling expenses

Mortgage or HELOC payoffs

Rent back costs

Payoffs to creditors

Property tax

HOA fees

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Where do I enter the closing costs paid when I sold my home?

You can deduct any mortgage interest or real estate taxes charged at closing. But, almost none of the closing costs incurred on a sale of a home are deductible. Other closing costs (Title fees, real estate commissions, documentary stamps, credit report costs, costs of an abstract, transfer taxes, home inspection, flood certificate, attorney fees, etc.), instead of being deductible, reduce the sales price of the property.

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