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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:
- Click on Federal > Wages & Income
- Under Less Common Income, click on the Start/Revisit box next to Sale of Home (gain or loss). [Screenshot #1]
- On the screen Sale of Your Main Home click the Yes box.
- On the Sold A Home screen, review the information you will need to enter and click Continue.
- Continue through the screens, entering the requested information.
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‎June 7, 2019
4:28 PM
3,009 Views