It depends. You won't pay taxes on the first $250,000 (also known as a gain) you make from the sale or disposition of your home as long as it was your main home for two years or more within the five years leading up to the sale or disposition.
TurboTax will calculate a the tax (if any). Your home sale is reported under Less Common Income in the Wages & Income section. Here's how to enter the sale:
- Open or continue your return.
- Type sale of home in the Search box.
- Select the Jump to link in the search results.
- Continue with the onscreen interview until complete.
Source: TurboTax FAQ
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