@manygonz wrote:
Ok, just to clarify we lived the home for less than 2 years and we did receive a 1099-S form. Does this mean I'm still reporting the sale but won't be taxed since we did not make any Capita Gain?
Right...no capital gains taxes but the sale Must be reported since you received a Form 1099-S.
Make sure that you indicate that you want the sale of the home reported on your tax return.
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Less Common Income
- On Sale of Home (gain or loss), click the start or update button
Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home
