what exactly does selling/buying a house

[luvmyfam444]

do to you @ tax time? We made $ - but put @ least 1/2 down to buy this house....just curious if I should brace myself to pay this year (we've never had to pay before!)

ALSO---

do you use Turbo tax or Tax Cut?

I've always used TT but TC is a WHOLE lot cheaper - not sure if I want to switch over since I'm used to the other but if Tax Cut is similar then it wouldn't be a big deal....

 

[VickiVM]

Sold our house in 2004 and made a small amount on it. On top of that, we moved out of it in late April and lived with my in-laws til ours was completed in Aug., so we had no mortgage for several months. I was terrifed what our taxes would look like last year. We still got a refund, maybe under $2,000 - don't recall. But I thought for sure we would have to pay since we paid so little in mortgage and property taxes for that year compared to years prior.

Also use Turbo - I have been doing our taxes online for several years now. I can usually finish them in a few hours.

Hope this helps.

 

[mamajoan]

we made a big move this year.. sold and purchased houses.. and three states to do taxes in .. so we are going to a PROFESSIONAL Tax person-CPA this year. I have used Turbo Tax with good results for many years.. but this year I do not want to take any chances so I am paying someone to help us get it right.
good luck.. and may you get money back!

 

[Pugsley]

Up to $500,000 profit from the house you sold is exempt from taxes as long as you and your spouse lived in the house for two of the past four(I think) years. If only one of you lived there you’re exempt up to $250,000 profit. Doesn't matter what you did with the money. So the sale shouldn’t affect your taxes. Buying the new house should help you since many of the closing costs are deductible.

We use TaxCut and it works just fine.