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I sold my primary residence in 2018 and it wants my expenses for when I bought the house in 2001. Why is that necessary?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Deluxe Online

Best answer by DavidD66

It's asking because certain closing costs are added to the purchase price to determine your cost basis, which is used to determine any gain. If it was your primary residence and your are eligible to exclude the gain without it (or you have a loss) , you can enter zero. If the program doesn't want to accept 0.00, then enter 1.00 If you have a taxable gain on the sale you would want to include the costs to reduce your gain.

D

DavidD66Answer

It's asking because certain closing costs are added to the purchase price to determine your cost basis, which is used to determine any gain. If it was your primary residence and your are eligible to exclude the gain without it (or you have a loss) , you can enter zero. If the program doesn't want to accept 0.00, then enter 1.00 If you have a taxable gain on the sale you would want to include the costs to reduce your gain.

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vando5150Author

Thank you. I don't even know where to look for paperwork I did 18 years ago. All I know is that our total profit after loan payoff was 91k and I'm filing jointly. Is all of the paperwork required? I have my final seller's statement and the 1099-S.