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June 4, 2019
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"Tell us about the Purchase of your Home". Is that referring to the purchase of the home i sold, or the purchase of the new home i just bought? It's not clearly stated.

  • June 4, 2019
  • 2 replies
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Best answer by IsabellaG

It would be about the purchase of the home you sold, to figure out if you have any taxable gain on the sale. The IRS doesn't require any information when you first purchase a home, it's only when you sell it that they care.

See this answer from TurboTax PatriciaV for information about the sale of your personal residence, because if you qualify to exclude the entire gain on the sale, and you didn't receive a 1099-S reporting the sale to the IRS, then you don't need to report the sale at all.

https://ttlc.intuit.com/replies/4995158

2 replies

IsabellaG
IsabellaGAnswer
Employee
June 4, 2019

It would be about the purchase of the home you sold, to figure out if you have any taxable gain on the sale. The IRS doesn't require any information when you first purchase a home, it's only when you sell it that they care.

See this answer from TurboTax PatriciaV for information about the sale of your personal residence, because if you qualify to exclude the entire gain on the sale, and you didn't receive a 1099-S reporting the sale to the IRS, then you don't need to report the sale at all.

https://ttlc.intuit.com/replies/4995158

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April 24, 2024

Just purchased home. Needed to consolidate credit cards. Have extra cash left over.

PatriciaV
Employee
April 24, 2024

The purchase of a new home is not a taxable event. You do receive a deduction for mortgage interest and property taxes, if you are able to itemize your deductions. TurboTax will help you determine if you are eligible.

 

@Mrshibs 

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