Newly married both had a home that qualified as each others primary residence sold both houses and bought new house.

Forum|Forum|1 year ago
January 30, 2025
1 reply
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The title says it mostly. My husband and I got married in 2024. We sold (husbands house) in 2024 and bought a new house for the both of us in 2024. We then sold (wifes house) in 2025. His qualified as his primary residence and mine qualified as my principal residence. How does that work for taxes and capital gains???

TurboTax Deluxe Online

RobertB4444

You're going to enter the sale of each house (his on this year's return and yours on next year's return) under 'Wages and Income' in the TurboTax program.

Scroll down until you see 'Less Common Income' at the bottom. In that section you'll see 'Sale of Home (gain or loss)'. Click on 'start' next to that and enter all of the information about the home that you sold in there.

TurboTax will recognize it as a primary residence and show that the first $250,000 of gain for the home is non-taxable but it will be reported to the IRS so there will be no questions later.

@latte_queen

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