ibcoleman
Returning Member

Primary House Sale Reported As 1099--IRS Now Wants $533,000

I filed my 2020 taxes through TurboTax / Intuit. Did the full House Sale Worksheets, etc... I just received a letter from the IRS claiming I owe them the full capital gains on the sale, plus something like $80,000 in penalties. When I download my 2020 return from the Intuit website, I see it includes the various worksheets, etc, but doesn't seem to include any breakdown of the sales (need a Schedule D?) I responded to them via their secure messaging platform and basically just attached my 2020 return as a PDF.

 

I'm not sure exactly what I'm supposed to do at this point. Anyone have any suggestions?

 

Thanks!