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oceansidejan
Level 1
October 6, 2022
Question

If a client sells a primary home and has capital gains of 1 million, and buys a home for 1.2 million how can I report the purchase to offset the sale?

  • October 6, 2022
  • 2 replies
  • 8 views
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2 replies

BobKamman
BobKamman
Level 15
October 6, 2022

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

    qbteachmt
    qbteachmt
    Level 15
    October 7, 2022

    Are you asking about this:

    "The only way you can shelter these funds is if you roll over the profit by buying a new house within two years from the day you sell your property. To completely shelter your profit, the new house must be equal to or greater than the value of your current residence."

    Because that regulation went bye-bye in 1986.

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