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February 22, 2025
Question

Built a home from the ground up and sold it

  • February 22, 2025
  • 1 reply
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I am new at this. I bought a small lot, built a home, and sold it. What should I use to report the income and expenses in TurboTax, The Home and Business is limited. We bought it as a personal property and decided to sell it. No business was created while building it. 

    1 reply

    February 22, 2025

    use the home sale worksheet. your tax basis would be the cost of the land plus the cost of materials and supplies and the cost of outside labor (the value of your labor can not be included) then there might be title and other closing costs. based on your entries Turbotax will determine if you qualify for the home sale exclusion.