You should report the sale of your residence if you received a Form 1099-S from the real estate agent. This form was reported to the IRS and they will be looking for the sale on your return. If you are not sure about the Form 1099-S you should include the sale on your return.
When reporting the sale, the exclusion amounts of $250,000 and $500.000 will be shown on the return.
To enter the sale of your home:
- Enter Sale of home in the Search Magnifying Glass in the upper right hand corner of the screen.
- Select Jump to sale of home.
- Answer the questions on the screens.
These following entries from the closing statement, are not deductible but are added to the purchase price of the home to increase the basis on the home and reduce the gain on the sale of the home.
- Real Estate Commission (both the Buyer and Seller brokers),
- State Transfer Fee, and
- Seller attorney Fee.
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