If you made major improvements to the house, add that to the basis (your value) of the property.
So, if you purchased for 100,000 and added 20,000, enter 120,000 as the "Adjusted Cost Basis",
OR if you use the "Easy Guide" you will enter the purchase price and the improvements individually.
- Open
your return. (To do this, sign in to TurboTax and select the blue Take
me to my return button.)
- Type
“sale of home” in the Search box.
- Select
the “Jump to” link in the search results.
- Follow
the screens to enter the info from your 1099-S.
Profits of up to $250,000 ($500,000 on a joint return) on
the sale of your home may not be taxable if it was your primary residence for
two of the last five years. We’ll ask you some questions about the sale of your
home to see if you qualify.
