If you sold your main home in 2016, we'll determine if you need to report the sale on your return. Generally, profits of up to $250,000 ($500,000 on a joint return) do not need to be reported to the IRS. However if you received a Form 1099-S, then you may need to report it.
You will need to do the following in TurboTax:
- Federal
Taxes
- Wages &
Income
-
Less Common
Income
- Sale of Home
(gain or loss)
-
Sold A Home, click Continue
-
Address of
the Home You Sold,
click Continue
-
Sales
Information,
click Continue
- Tell Us
About the Purchase of Your Home
- Time You
Lived In Your Home
- Did You Use
This Home for Anything Other Than Your Primary Home?
- Another Home
Sale
- Depreciation
After May 6, 1997
-
Exclusion of
Gain (if you meet the requirements)
-
Include Sale
of Home in Return (Very important, if you received a Form 1099-S), please check the box, Include my sale on my
return (if applicable)
