IreneS
Intuit Alumni

Deductions & credits

The sale of a principal residence is generally not reported on a taxpayer's return unless the taxpayer:

  • Has a gain and does not qualify to exclude it all.
  • Has a gain and elects not to exclude it.
  • Receives a Form 1099-D for the sale.

Gain of up to $250,000 ($500,000 for married filing jointly) is excluded from tax.

 

If you wish to enter the sale of your principal residence in TurboTax to determine if there was a gain, please follow these steps:

  1. Click on Federal > Wages & Income
  2. Under Less Common Income, click on the Start/Revisit box next to Sale of Home (gain or loss)[Screenshot #1]
  3. On the screen Sale of Your Main Home click the Yes box.  
  4. On the Sold A Home screen, review the information you will need to enter and click Continue.  
  5. Continue through the screens, entering the requested information.




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