Do i need to report the sale of my home and the repurchase of another home in 2024 but in different states?

Forum|Forum|1 year ago
January 10, 2025
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Best answer by 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

xmasbaby0Answer

Employee

SALE OF HOUSE

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

**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.**

Opus 17

Employee

The sale must be reported. The old concept of avoiding tax by buying a replacement home was removed from the tax law in 1997.

If this is your main home that you lived in and owned for at least 2 years, you can exclude the first $250,000 of capital gains, or $500,000 if married filing jointly, and pay capital gains tax on any gain over that amount. See publication 523

https://www.irs.gov/forms-pubs/about-publication-523