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June 13, 2023
Question

I bought and sold my home last year, where do I document that? It is only asking for purchase info

  • June 13, 2023
  • 2 replies
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Where do I add home improvement costs?

2 replies

Employee
June 13, 2023

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 Premier or Self-Employed software to report the 1099-S
**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.**
rjs
Employee
June 13, 2023

The cost of improvements is added to your basis. On the screen that asks for the purchase date and adjusted costs basis, click the EasyGuide button to calculate the adjusted cost basis. One of the EasyGuide screens will ask about improvements.