Home sale

Forum|Forum|1 year ago
February 12, 2025
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We sold our house in June 2024, started building new home Feb 2024. Built new home for price we sold old home. Reinvested all the money from sale of home. What deductions and forms do I need to fill out.

KrisD15

To clarify.

How long did you own and how long did you live in the first home?

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GeorgietaxesAuthor

30 years

KrisD15

If you lived in the home at least two of the five years before selling, you needn't report the sale unless the profit from the sale is more than 250,000, or 500,000 if filing Marred Filing Jointly.

There was a time where you had to roll the funds into a new home or pay capital gains, but that has been revised.

There are no deductions for building a new home. (other than perhaps energy credits)

Keep the documents to figure the cost of the home in case things change in the future, such as making it a rental.

HOME SALE EXCLUSION LINK

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