JosephS1
Expert Alumni

Deductions & credits

You can enter the home sales in any order you wish but I suggest you enter the sale of your personal residence first (just the way I would do it).  Then go through the dispositions of the other 2 homes.  The following steps should assist in entering your personal residence sale and then I will highlight the other sales.  The entries and screenshots are from TurboTax online; TurboTax desktop is similar but not exactly the same.

  1. On the left side of your screen, click on "Wages & income".
  2. Scroll down to the bottom and click on the down arrow then towards the bottom for "Sale of Home" and click on "Start" or "Revisit"
  3. Since you sold your home answer yes, then continue on the next page
  4. Enter the ownership and address of the home sold
  5. Enter the information requested.  If you received a 1099-S, answer yes, then the date sold, selling price, and sales expenses.  The sales expenses are typically real estate commissions, transfer taxes and recording fees.  Click continue
  6. Enter the date bought or acquired and the adjusted cost basis.  The adjusted cost basis is usually the original purchase price plus closing costs plus any improvements made over the years.  Click continue
  7. You will be asked if you lived in the home more than 24 months.  If yes, as is most common, click yes, if no, then click no.  For the sake of this answer I will use the yes answer.
  8. If this was only your primary home and you did not rent it out or deduct any business expenses, such as a home office, answer no, then continue.
  9. The next screens you will answer no as you indicated only one of the sales was your personal home.  Once those questions are answered the Exclusion of Gain screen will appear showing that you do not have to pay tax on the sale.

 

 

The other homes sold will need to be reported depending on what their status was before being sold.  Were either a rental property?  If so you would handle the sale from the rental screens.  If they were both investment properties only you would report the sale as you would any other investment sale, such as stocks, etc.

 

Again, navigate to Wages & Income, scroll to Investments & Savings, click on the down arrow for show more and then "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), and click on "Start" or "Revisit"

 

If you previously entered investment transactions click on "Edit/Add"

 

Scroll to the bottom and click on +Add investments, then continue, enter a different way, then click and highlight "Other" and click continue

 

 

Answer the questions as you come to them.  The first would be the broker or individual who handled the sale.

 

 

Next, enter the information about the sale; dates, sales price, cost basis.  The dates and numbers are for example purposes only.

 

Click Continue

 

If you paid additional sales or other expenses in the sale click the box, if not click none of these apply and click continue.  You will then see the Review screen showing the sale you just entered.

 

 

Since you state you sold 2 non-personal residence homes, you will repeat the process from above to enter the last sale.  When that is complete you will click continue and then you will return to the Investments and savings summary screen.  You can proceed with your return from there.  

 

@freezer922 

 

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