To enter the sale of your main home and related expenses like broker's fees in *(which are generally deductible) TurboTax, follow these steps:
1. Open or Continue Your Return:
- Open your TurboTax return or continue where you left off. Be sure you are signed in for link in Step 2 to work
2. Navigate to the Sale of Home Section:
- TurboTax Online/Mobile: Go to the "Sale of Home" section.
- TurboTax Desktop: Use the search bar (magnifying glass icon) and type "sale of home," then select the "Jump to sale of home" link.
3. Enter Sale Details:
- Answer "Yes" to "Did you sell or have your home foreclosed in 2024?"
- Select "Continue" on the next screen.
- Enter the address of the home you sold and select "Continue."
- Answer "Yes" to "Did you receive a Form 1099-S that reported this sale?" and enter the information from your 1099-S.
4. Enter Selling Expenses:
- Follow the onscreen instructions to enter the selling expenses, including broker's fees, legal fees, escrow fees, and advertising costs. These expenses are subtracted from the sales price to determine your net gain.
Important Note:
- 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. TurboTax will ask you questions to determine if you qualify for this exclusion.
* see @DoninGA
