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Deductions & credits
It depends on what the "house" used for. TurboTax does not provide a specific entry place for a 1099-S. If it was your primary home. follow instructions for 1. If anything else, including a 2nd home. follow instructions for 2.
1. The capital gain on the sale of your primary home is not taxable (up to $250K, $500K married). To be eligible you must have lived in and owned the home for at least 2 out of the 5 year prior to sale. You do not even need to report it on your tax return, unless you got a tax document, usually a 1099-S. The 1099-S may have been included in your closing documents, instead of arriving in the mail, in Jan. or Feb. of the following year.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Less Common Income
- Sale of Home
2. In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Real estate is other)
Answer no, when asked if you got a 1099-B. then follow the interview.