If you owned and lived in the home for at least 2 of the last 5 years prior to the sale of the home, and you are filing a joint return, then up to $500,000 of any gain on the sale can be excluded.
You may need to enter the details of the sale of your home in TurboTax, but if you qualify to exclude all or part of any gain on the sale of your main home, it will not actually be reported on your tax return or be a taxable transaction.
Take a look at the following TurboTax article for more information about the home sale exclusion and how to enter the sale of your home into your tax return: Is the money I made from a home sale taxable?
There will be a link on the page in TurboTax for further information about whether you need to enter any details about the sale into your return. Follow the instructions in that link to decide what to do next.
Use the following steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “sale of home” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to sale of home”
- Click on the blue “Jump to sale of home” link
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