It depends. If you sold your main home during the current tax year, TurboTax can determine if you need to report the sale on your tax return. Generally, profits of up to $250,000 (up to $500,000 on a joint tax return) don't need to be reported to the IRS. TurboTax can figure this out for you.
To enter the sale of a personal residence in TurboTax Online:
- Click on Federal Taxes
- Click on Wages and Income
- Scroll down to Less Common Income
- On Sale of Home (gain or loss), click the start or update button
If your gain on the sale will be less than the applicable limit, and if it was never used for business or as a rental, and you didn't receive a Form 1099-S, you don't need to report the sale on your return at all. Not having to report the sale could save you from needing to upgrade your TurboTax product.
See this article for more information on determining the gain on the sale of your home.
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