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January 23, 2020
Question

What information do I need if I financed a home in 2015 and sold it in 2019 for what was left on the balance?

  • January 23, 2020
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1 reply

January 23, 2020

Is this a home that you lived in, or was it a rental or other investment property? That is an important question because the way you report it is completely different. 

 

If this was your home, your main residence, you report it under Sale of Home. Here is how to get started:

 

  1. Use the search box in the upper right to search for Sale of Home.
  2. Click on Jump to sale of home.
  3. Answer the questions in the section about the home.

 

If you paid mortgage interest, points or property taxes, you can deduct them, just like usual. 

 

If this was a rental property while you owned it, you report your sale information in the Rental Income section, under Assets/ Depreciation.

 

If it was a second home, use the search box to look for Sale of second home.

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