@mobymatt wrote:
I can not find anywhere in turbo tax to offset the gain showed on 1099 S.
Form 1099-S does not show the gain. It shows the proceeds from the sale. The gain is the proceeds shown on the 1099-S, minus your basis and selling expenses. Your basis is what you paid for the home plus the cost of any improvements.
Here's how to enter the sale of your primary residence in TurboTax.
- Click Federal Taxes.
- Click Wages & Income.
- Click "I'll choose what I work on."
- On the screen "Your 2022 Income Summary," scroll all the way down to the last section, "Less Common Income."
- Click the Start, Update, or Revisit button for "Sale of Home (gain or loss)."
When you get to the screen that asks for your basis, there is an EasyGuide to help you calculate the basis.
TurboTax will then calculate the gain, and ask questions to determine whether you qualify for the exclusion of gain.
