There are different entry points for improvements depending whether it is rental property, primary personal residence or second home. See below for personal:
If
you still need to enter your sale of your primary residence (which may require
an upgrade in TurboTax), please follow these steps:
- Once you are in your tax
return (for TurboTax Online sign-in, click Here), click on the “Federal
Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Wages &
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose
what I work on”
- Scroll down the screen until
to come to the section “Less Common Income”
- Choose “Sale of Home (gain or
loss)” and select “start’
- You will want to use the
"Easy Guide" to determine the adjusted basis on this home
Say
"yes" that you sold your main home and TurboTax will guide you on
entering this information. You will need:
- The date you sold your home
and the selling price (from your closing statement)
- The date you bought your home
and the purchase price (from your closing statement)
- The cost of any major
improvements you made, so we can deduct them for you
- Form 1099-C if you sold your
home at a loss (short sale)
(See the attached screenshot below. Click to enlarge.)
Just
remember to check the box to have your home sale reported on your tax return
but ONLY if you receive a 1099-S
