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We sold a house and bought a house. What do we need for taxes?

Asked by: Long 1187 views YA Discussion

In 2012 we sold one house and bought another.

When I called to make our appointment to get our taxes done, I asked what we needed to bring since we sold and bought houses. I swear she told me we don’t need to bring anything at all (as long as we didn’t make $ 250,000 or more on the sale).

I’ve been googling about it a little and from what I can tell we should be getting credits or deductions…something about points, closing costs, sales or property taxes…I know I don’t understand all that…

Anyway, did I hear her wrong? Should I call back and ask again? Find a different tax preparer? Or is that right that we don’t need to bring anything?

Thanks in advance for your help. I hope the question is clear.

1 Answers

  1. Steve D on Feb 09, 2013 Reply

    Bring your closing papers from the sale and purchase. You may have deductible expenses (points if you paid any, upfront PMI, etc.) that you can use. If your preparer seems unsure about what is and what is not deductible, find someone else. In the meantime, go to the IRS site and check for any publications they have.

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