Q. How about if the capital gains from my primary residence for 9 years was over $250,000
and I am single and no 1099 was issued. Should I report it on my return?
A. Yes. TurboTax can handle the home sale exclusion ($250K) part.
The 1099-S is usually included in the closing papers and is not sent to you in January of the following year, like most tax documents.
For an estimate, try this tool https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the regular tax. Then add the sale to see the effect.
Enter the gain over $250K as a long term capital gain (LTCG). Depending on how much total income you have LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%.
California also excludes the first $250K of gain. CA taxes capital gains as regular income. It does not recognize the distinction between short-term and long-term capital gains. This means your capital gains taxes will run between 1% up to 13.3%, depending on your overall income and corresponding California tax bracket.
