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Related to your home sale -
You do not need to enter the sale of your primary residence if:
You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See Sale of Your Home for more information on the exclusion.
If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S
Related to purchase of Condo -
Please note you will be able to claim mortgage interest, mortgage insurance and property taxes paid during the 2016 tax year on both properties. Just add a lender under the mortgage interest section and for the property taxes, combined the property taxes to report the total under the property taxes section.
When you buy a home, you don't get anything just for buying your home (The first time homebuyer's credit expired years ago and has not been reinstated by congress). However, you are able to include certain items related to your home on your tax return. If you itemize, you get to take such things as:
For mortgage related information, your mortgage lender usually will sent you a Form 1098 which will include your mortgage information. (You may want to contact your bank to see when they will be sending out this information.)
For the real estate taxes, you will need to contact your local county government because they are usually the ones who do the property assessment and collect the property taxes. (Remember you are only allowed to deduction property taxes paid in the current year.)
Additionally, you may need your closing statement. This may contain information about points paid. (Contact your real estate agent if you need help with this statement.)
The only closing costs that may be deductible as a buyer of a house (if you are itemizing your deductions) would be amounts you paid at closing for any county or city taxes (additional property taxes), loan origination fees or loan discounts and prorated mortgage interest (if not included on your Form 1098 from your mortgage lender).
To enter your Property Taxes in TurboTax Online or Desktop (for TurboTax Online sign-in, click Here), please follow these steps:
To enter your Mortgage Interest in TurboTax Online or Desktop, please follow these steps:
To enter your Mortgage Insurance in TurboTax Online or Desktop, please follow these steps:
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