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March 1, 2023
Question

Do I enter the sale of my house and a purchase of a new house in 2022?

  • March 1, 2023
  • 1 reply
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Where do I enter the above information? 

1 reply

JohnB5677
March 1, 2023

You do not have to report the purchase of your new home anywhere.  You should have a 1098 that represents the mortgage interest on the new home.

The sale of your previous home may not have to be reported either, provided:

  • You didn't get a 1099-S.
  • You owned the home for at least two years (730 days or 24 full months) during the five years prior to the date of your sale.
  • The profit realized from the sale did not exceed $250,000 for a single individual, or $500,000 if married.

If you do have to include the sale on your return:

  1. Start at Federal Taxes
  2. Select Wages and Income 
  3. Click on I'll choose what I work on.
  4. Scroll down to Less Common Income.
  5. On Sale of Home (gain or loss), click the start or update button.
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