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svb716
April 2, 2025
Question

Where do I enter information showing that I sold my home and purchased a new one?

  • April 2, 2025
  • 1 reply
  • 0 views
I sold at a profit after owning my home for 24 years

    1 reply

    KrisD15
    KrisD15
    April 2, 2025

    You will enter that under 

    Wages & Income

    Less Common Income

    Sale of Home (gain or loss)

     

    You may be eligible to exclude 250,000 of the gain (500,000) if Married Filing Jointly if you owned and lived in the home 2 of the last 5 years. 

    The exclusion can only be taken once every two years. 

    TurboTax will walk you through the process. 

     

    There was a time where capital gains on personal homes could be deferred if a home of equal or greater value was purchased, but that is no longer the case. 

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