How do I file when I sold my principal residence and bought another house?

[TurboTaxSusan]

To report the sale of your principal residence in TurboTax Online, use the “Find” tool (magnifying glass) to search for “princ”. Select “Principal Residence” from the list and then click the “Go” button.

You don’t need to report the new house until you sell it.

[honey200]

If your home was your principal residence the entire time you owned it and any profit you make from the sale is still exempt from capital gains. What has changed is that now the details of the sale must be reported. 

The sale of a principal residence is reported on Schedule 3, and on form T2091 (IND). If the home you sold was your principal residence for the entire time you owned it, reporting the sale is rather simple. Just check the box beside the option “I designate the property described below to have been my principal residence for all years owned.” and enter the details. You’ll need to enter:

• The complete address of the residence
• The year you acquired the property

For more information please see TurboTax article : Reporting the Sale of Your Principal Residence.

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