Filing jointly or separately will have no effect on buying/selling homes. It's almost always better to file a joint return since some deductions and credits are reduced or eliminated if you file separately.
Regarding the sale of the home, the software will ask about whether one spouse sold a home within the preceding 2-5 year period and allow the exemption if the requirements are met.
If you received a Form 1099-S, you need to report it. If
all of the following apply, you don't need to report it.
- You lived in the home as your
main home for at 2 of the 5 years preceding the sale.
- Your "net" profit
from the sale is less than $250,000 ($500,000 if Married Filing Jointly).
- You didn't take depreciation
deduction on the home or use it for business during the time you owned it.
- You didn't rent it out at any
time that you owned it.
- You didn’t receive a Form
1099-S.
Regarding your home purchase, You can deduct any interest or property taxes
from the settlement statement that are not already reported on the Form 1098
and not "pre-paid" and held in escrow. Also, you
can deduct qualified points paid on a mortgage and qualified mortgage
insurance premiums. (Points can also be called loan origination fees,
maximum loan charges, discount points, or loan discount.)
Is it better for a
married couple to file jointly or separately?
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