Hi folks. My spouse and I sold our home in 2022 and are a bit stuck on our joint return because of it. We lived in the home for over three years as our primary residence, made a profit of well below the $500k exclusion for married-filing-jointly, and did not receive a 1099-S. I've seen some sources stating that under these circumstances, we may not need to report the sale on TurboTax, buuuuuut I have terrible anxiety and want to verify that this is accurate and not, y'know, tax evasion. 😅
I did initially try to report the sale of the home, but I kept getting tripped up on the section where you're asked to enter sales expenses. I thought I was entering the information correctly using our Master Settlement Statement (excluding mortgage loan payoffs and property taxes), but doing that results in TurboTax claiming I owe quite a bit of money to the IRS and the state, despite meeting the exclusion qualifications. I don't know if that means I'm entering the information incorrectly, I haven't progressed far enough in the process to get an accurate report of what I may or may not owe, or I really do owe a chunk of change.
Any insight would be much appreciated. Thank you!
