Hello Brunnerpd,
You are not required to report the sale of home if your profit is under $250K and you lived there for atleast two of the last five years.
But, if you received a Form 1099-S for the sale proceeds, you must report the sale of the home in the year that it was sold to the IRS on your tax return. In TurboTax:
1) Select Wage & Income Section
2) Select at the bottom the Less Common Income
3) Select Sell of Home (Gain or Loss)
If you were a co-owner with a partner, you will split the basis of the property, as well as the proceeds.
Hope this helps.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
