How do we apply home sales profit to our new home
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If it's a personal residence, you no longer report a home sale this way. The only time to do this is if it's part of a qualified 1031 Exchange. You would know if this is what you did.
That said, if you are required to report your home sale, there will be a space in the software to enter the date sold, Selling Price, and Sales Expenses. You can deduct the items listed below in Sales Expenses (to help reduce any gain). You cannot deduct normal maintenance items, but you can deduct expenses to prepare the home for sale.
If all of the following apply, you don't need to report it.
Where to enter the sale of your home (if required) in TurboTax: While inside the software and working on your return, type sale of home in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to sale of home. Select that to get to the general area.
Sales expenses are listed in the sellers column of your settlement statement and include:
Sales expenses do not include:
Is the Sale of My Main Home Taxable?
https://ttlc.intuit.com/replies/3300213
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