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February 21, 2025
Question

I sold a home in OR and bought one for cash in MT how do I claim on taxes?

  • February 21, 2025
  • 2 replies
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How do I itemize fees from sale of home?

    2 replies

    February 21, 2025

    Was this your primary home?

     

    SALE OF HOUSE

     

    If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S

     

    Go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

     

    If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

     

    • If you are using online TT, you need Premium software to report the 1099-S
    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    February 21, 2025

    what fees exactly since every state/city is different? most would likely be includable as selling expenses. 

    some would be nondeductible (such as HOA fees),  mortgage interest and taxes would go on schedule A.