Oregon state taxes

[jzapatawilson]

I need to know how to figure out If I need to enter property sale gain or loss difference.

We sold a house and purchased a house last year.

[LeonardS]

You will need to report the sale of your house, main residence, on your tax return.  You do not have to report the purchase of your new home on your 2021 tax return,  

To report the sale of your home in TurboTax follow these steps:

1. Log into your TurboTax account.
2. Select the Wages & Income tab.
3. Scroll down to less common income select Show more.
4. On the line sale of home (gain or loss) select Start/Revisit
5. On the next screen Sale of Your Main Home select yes.
6. Follow the prompts to enter your sale information.

[jzapatawilson]

I want to make sure I enter the correct number. How do I figure the capital gain?

There were several expenses in selling the house. Commissions, repairs, inspections...Do I deduct all of that first?

[jzapatawilson]

Also I don't have to do this for Federal taxes. I followed it through on the wages tab and it said I did not have to enter that information. The state of Oregon part shows that I do need to show the gains from the sale of the house. We reinvested our gain in a new house. So...I thought that would defer it. what am I allowed to deduct from the gain? I cant find anything that defines what gain need to be entered.