If you sold your primary personal primary residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).
If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S (Proceeds From Real Estate Transactions) for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Home and Business edition to report the sale.
Here's how to enter the sale of your home in TurboTax:
- Open (continue) your return if you don't already have it open.
- In the upper right, search for “sale of home.”
- Select the “Jump to sale of home” link in the search results.
- Answer the screen prompts.
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