In order to exclude any gain on the sale of a home as your main home, you must live there at least 2 years out of the prior 5 years. You also cannot have excluded the sale of another home during that same 2- year period.
You do not qualify to exclude any gain since you lived in the home less than 2 years.
If you have a gain to report on the sale of your home, you will enter it into TurboTax as follows:
- Type the search term Sale of home into the Search tool (magnifying glass).
- Click on the Jump to link in the search results.
- Follow the prompts to enter the sale.
If you had a loss on the sale, you do not need to enter it.
Note, above assumes the home was your main home, but does not qualify for the exclusion. If the house was a vacation home, second home, or investment property - it is treated differently. In that case, type the same search term above but click on the link "Go to Sold Second Home" that appears below the Jump to link instead. In this case, any loss is deductible.
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