Get your taxes done using TurboTax

You can enter your Form 1099-S in TurboTax and follow the prompts to enter your sale of home.

To do this, you will:

1. Continue your return.
2. To get to the section of TurboTax for "Sale of Home" you will:

• If you are using TurboTax Online/Mobile: Go to sale of home.
• If you are using TurboTax Desktop: You can search for "sale of home", and select the Jump to link, "Jump to sale of home"

1. Answer "Yes" to the question "Did you sell or have your home foreclosed in 2024?"
2. Select "Continue"
3. Enter the address of the home you sold on the next screen, and select "Continue".
4. On the next screen, answer "Yes" to the question "Did you receive a Form 1099-S that reported this sale?" and enter the information from your 1099-S.
5. Follow the onscreen instructions and answer all follow-up questions.

• If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free.
• If you are married and file a joint return, the tax-free amount doubles to $500,000.

You must have used the home you are selling as your principal residence for at least two of the five years prior to the date of sale.

TurboTax will ask you questions about the sale of your home to properly report the transaction on your taxes.

You will not have to submit documentation for the sale of your home.  You will enter your information from your Form 1099-S.

TurboTax will help you determine if you have a capital gain and your adjusted basis of your home.

 In general, your adjusted basis is your cost in acquiring your home plus the cost of any capital improvements you have made, less casualty loss amounts you may have incurred.

Click here for "Where Do I Enter Form 1099-S?"

Click here for "Tax Aspects of Home Ownership: Selling a Home.