I sold and bought a house where do i enter that information on my taxes?

Forum|Forum|2 years ago
March 7, 2024
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TurboTax Deluxe Online

xmasbaby0

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

NOTE: If you have ever used the home as rental property or claimed a home office, you have more information to enter

You do not enter that you purchased a house. But you can enter certain homeowner deductions.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2023. You should have a 1098 from your mortgage lender that shows this information. Lenders send these in January/early February.

**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.**

DoninGA

It depends on what you sold.

Was this your primary residence where you lived most of the time?

Was this a second residence that you used as a vacation home? If so, was it rented at any time?

Was this an investment property that you never lived in at all?

Was this a rental property?

Elle55

I sold an investment property after 20 years of owning it. For the first 3 years the property was my main residence. Where do I enter that I sold the property?

DoninGA

@Elle55 wrote:

I sold an investment property after 20 years of owning it. For the first 3 years the property was my main residence. Where do I enter that I sold the property?

If it was not a rental but used as a second home, then you enter the sale in the Investment Income section of the program.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

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)
Under Investment Income
On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

Using the desktop editions -

On the next screen click on Yes
On the next screen click on Skip import
On the next screen, select Other and continue

Using the online editions -

On the next screen click on Yes
On the next screen, click on Enter a different way
On the next screen, click on Other and continue

MayaD

If you sold a second home, the sale is considered investment sale. You need to enter the sale info in the investment section of TurboTax.

You’ll have to use TurboTax Premium to report the sale of a second home,

Sign in to TurboTax and select Pick up where you left off or Review/Edit under Wages & Income.
Select Search, enter sold second home, and select the Jump to link at the top of the search results.
Answer Yes on the Did you have investment income in 2023? screen, then Continue.
- If you land on the Your investments and savings screen, select Add Investments.
On the next screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Other (land, second homes, personal items), then Continue.
On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale.
On the next screen, select either Second Home (choose this also for inherited homes) or Land from the first dropdown menu, then enter the rest of the info for your sale, and Continue.