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Level 1
January 26, 2022
Question

Sold home

  • January 26, 2022
  • 2 replies
  • 17 views

We just sold our previous home last week and we have bought new home in December due to us moving; is there anything I have to file / report on sale of the house on this filing

    2 replies

    DoninGA
    Level 15
    Level 15
    January 26, 2022

    The purchase of a personal residence, not used as a rental or in a business, 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. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. 

     

    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

    DawnC
    Level 15
    January 26, 2022

    No, if you sold the home in January 2022, you will report the sale on next year's tax return, the one we file in 2023.    For the new house you purchased in December, you may have some tax breaks available.  See  Tax Breaks and Home Ownership    But you will deal with the sale and any gains or losses on the sold home next year.  

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