There is nothing to show or report for the home you purchased in January, 2021. This information will be needed when and if you sell this home.
The home you sold would be a reportable tax event to show whether you are eligible for the home sale exclusion. The ownership and use tests must be met.
- You must have owned the home.
- You must have used the home for 2 years of the immediate 5 years before the sale
TurboTax will show you if your home sale is taxable.
- Open or continue your return in TurboTax
- Search for home sale
- Select the Jump to link in the search results
- Answer Yes to Did you sell or have your home foreclosed in 2021? on the Sale of Your Main Home screen
- Follow the instructions to enter your info
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