Sale and purchase of residence

[cjlyle55]

I sold my residence on 12/02/21 and purchased a new home on 12/03/21.  Do I have to report anything on my tax return for 2021?

[DoninGA]

The purchase of a personal residence is not reported on a tax return.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. 

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

[Kat]

That really depends on the net profit you made on the sale of your house.  A certain amount of profit is excluded from being taxed as capital gains, depending on your filing status.

The best idea is to go ahead and enter the sale of your home into the TurboTax program.  The program will ask your pertinent info, and figure for you if you owe any capital gains tax on your home sale.

This article will give you helpful information:

How does selling a home affect my taxes? (intuit.com)

You may have received a 1099-S reporting the sale of your home.  See the info I'm linking below to enter your 1099-S into the TT program.

Where do I enter Form 1099-S? 

Please post back if you have further questions.