Let's go step by step to see if you can clear this up.
- Scroll to Less Common Income > Select Sale of Home (revisit or update)
- Continue to indicate you sold your home > Edit or add your home address and ownership > Continue
- Enter the sales date, Selling Price and Sales Expenses > Continue
- Enter the date acquired and the cost of the home (includes any capital improvements for the period of ownership > Continue
- Continue past the 'Less than two years' screen > No the home was not used for anything else > Continue
- Select No another home was sold after _____ date > Select Both of us owned the home > Continue
- Select Other reasons as the Reason for Sale > Select None of these for Other Reasons for Sale > Continue
- Select No for Depreciation After May 6, 1997 for both of you > Continue to answer the remaining questions.
I am seeing the same message that you see, however the gain is not transferred to the Form 1040, or Schedule D. Because you know that the gain is within the exclusion limits you can enter the same cost as the selling price if you find the gain is carrying over to the 1040.
y using the Tax Tools you can take a quick review of your 1040:
- To find Tools:
- Sign into your TurboTax account and open or continue your return.
- Select Tax Tools in the left menu.
- You'll find Tools beneath Tax Tools.
- Select View Tax Summary
- Select Preview My 1040 (left black panel)
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