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    tpatten's Avatar
    tpatten Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 10, 2006, 03:32 PM
    Filing taxes after selling a house
    My husband and I sold a house in July 2005 after living in the house a little over 3 years. I was curious what type of tax forms I need to use and if I can take into consideration a second mortgage that we had on the house?
    LeeAnnMemphis's Avatar
    LeeAnnMemphis Posts: 58, Reputation: 6
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    #2

    Feb 10, 2006, 03:38 PM
    If you had a gain of less than $500,000 on the sale, ($500k for a married couple, $250k for single) you do not have to report the sale on your tax return. The second mortgage- If you took out the second mortgage to do home improvements or repairs, then that interest is deductible on your schedule A (along w/ the interest from the 1st mortgage) if you itemize on your return.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 10, 2006, 11:33 PM
    Well done, Lee Anne.

    I could not have explained it better!
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