It can have a lot to do on your taxes, in a few different places. For one thing, when you itemize your deductions you may be looking at a larger Mortgage Interest Deduction.
For the house you bought there may be some expenses on your closing statement that you can deduct on your taxes.
For the house you sold, you will most likely want to do a worksheet to breakdown did you make money or lose money on the sale. The IRS may request this worksheet at a later point. If you made money, you might have to pay taxes on what you made - not always, there are some exceptions. But if you lost money it most likely will not help you on your taxes.
But as long as you were not renting the old house out in those 5 months, then it should be only a little bit of information above to look at come time to do your taxes.
I am a Senior Tax Advisor at H&R Block.
** This advice was prepared based on my understanding of the tax law in effect at the time it was written as it applies to the facts you provided. Click on my profile to read more.
· 1 decade ago