Question

What form do I use to deduct home sales expenses?

Forum|Forum|1 year ago
April 2, 2025
2 replies
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Where can I deduct my primary home sales expenses?

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-

TO ENTER THE SALE OF YOUR PRIMARY HOME

Start with Federal
Click on Wages and Income
Select Choose what I work on
Scroll down to Less Common Income
On Sale of Home (gain or loss),
Click the start or update button

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

https://ttlc.intuit.com/turbotax-support/en-us/help-article/homeowner-tax-credits-deductions/selling-home-affect-taxes/L3I66YR0u_US_en_US?uid=m6cuq5qg

Selling expenses:

Commissions

Appraisal fees

Legal fees

Advertising fees

Home inspections reports

Title insurance

Transfer tax or fees

Geological surveys

Loan origination points paid on behalf of buyer

NOT selling expenses

Mortgage or HELOC payoffs

Rent back costs

Payoffs to creditors

Property tax

HOA fees

**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.**

V

Vanessa A

You will enter them when you enter your 1099-S. You will see a question asking for the cost basis and selling expenses. Enter them there. The home sale is reported net on form 8949.

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M

mjckhc

Hello:

What form or schedule form number or letter do I report selling expenses title, commissions and other selling expenses. How do I report those sellers final closing cost and where.