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[georgeataylorjr]

I sold my home and bought another home in 2020.  What do I do about my taxes?

[ThomasM125]

For the home you sold, you need to report the sale proceeds and the cost of the house on your tax return if you sold it at a gain or if you received a form 1099-S. If you had lived in the home as your primary residence for two of the previous five years, then you may be able to exclude up to $500,000 (Married filling joint) or $250,000 (Single filer) of your gain on the sale of your home. You should complete the Sale of Home section in TurboTax under the Less Common Income section if you had a gain on sale or received form 1099-S reporting the sale.

For your new home, you may be able to deduct the property taxes, mortgage interest and points paid. For these entries, you need to go to the Your Home section in the Deductions and Credits section of TurboTax.