Deductions & credits

There are a couple of things wrong with your question.  If this was your personal home, you can exclude up to $250,000 of capital gains (or $500,000 if married filing jointly) if you owned the home at least 2 years and you used it as your main home at least 2 of the previous 5 years.  The time that you use the home as your main home does not have to be consecutive.  It just has to total 2 years or more (730 days).

 

Turbotax should be asking you for the sell date (I presume 4/28/21).

Then, Turbotax should be asking you did you own the home at least 2 years (did you buy it before 4/28/19), and did you live in it at least 2 years of the past 5 (since 4/28/16).

 

Turbotax should not be telling you how long you lived in the home, it should be asking how long you lived in the home (how many days, or weeks or months.).  Again, to use the capital gains exclusion, you must have used the home as your main residence for at least 2 years or 52 weeks or 730 days, although they do not have to be consecutive.

 

Also, any gain more than your exclusion is taxable.  And if you used the home as a rental or for business at any time, you will owe recapture tax on depreciation you claimed or could have claimed.

 

Lastly, if you owned the home, used it as a rental, then moved back into the home before you sold it, your gain will not necessarily be covered because you run into something called the "non-qualified period" rule.  We can explain that more if that's what has happened.