Sold 2 houses and bought 1

[NathanCaskey]

Hi,

My wife and I both sold our houses this year when we got married and bought one (that we now live in). I've done some research on a 1031 exchange and I've seen a thread that mentions Form 8824.

What do I need to do in turbotax to avoid capital gains tax on one or both of the sold houses?

[Anonymous_]

If your houses were held for personal use, they do not qualify for a Section 1031 exchange.

See https://www.law.cornell.edu/uscode/text/26/1031

Only real property held for productive use in a trade or business or for investment qualifies for like-kind exchange treatment.

[NathanCaskey]

@Anonymous_ Thank you for the clarification. Is there anything special that needs to be done in Turbo Tax for the sale of 2 primary residences and the purchase of 1 primary residence?

[Anonymous_]

You will most likely receive a 1099-S for the sale of each property. 

Note that you will be able to take advantage of the home sale exclusion if you meet the requirements.

See https://www.irs.gov/taxtopics/tc701