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Do I need to report a sold home in 2016 if I lived in it for 2 years as my primary residence and I profited less than $250,000 from the sale?
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If you sold your main home in 2016, we'll determine if you need to report the sale on your return. Generally, profits of up to $250,000 ($500,000 on a joint return) do not need to be reported to the IRS. However if you received a Form 1099-S, then you may need to report it.
You will need to do the following in TurboTax:
- Federal Taxes
- Wages & Income
- Less Common Income
- Sale of Home (gain or loss)
- Sold A Home, click Continue
- Address of the Home You Sold, click Continue
- Sales Information, click Continue
- Tell Us About the Purchase of Your Home
- Time You Lived In Your Home
- Did You Use This Home for Anything Other Than Your Primary Home?
- Another Home Sale
- Depreciation After May 6, 1997
- Exclusion of Gain (if you meet the requirements)
-
Include Sale
of Home in Return (Very important, if you received a Form 1099-S), please check the box, Include my sale on my
return (if applicable)
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