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Deductions & credits
Proceeds is the amount you sold it for
Cost Basis is what you paid for it plus any improvements
Sales expenses are closing fees, broker / attorney fees etc.
Was the 1099-S for the sale of your home?
The sale of your main home is different.
- Start with Federal
- Click on Wages and Income
- Select Choose what I work on
- Scroll down to Less Common Income
- On Sale of Home (gain or loss),
- Click the start or update button
If you sell your main home, and have a profit,
- you may qualify to exclude up to $250,000 (if single) from your income, or
- up to $500,000 if you file a joint return with your spouse.
In TurboTax Online, you can enter the sale of land, or a second home by following these steps:
- Open your tax return
- Click on Federal in the left-hand column,
- Then on Wages & Income
- choose Investments and Savings and click on the down arrow on the right
- Click on Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Did you sell any investments?
- yes
- Did you receive a form 1099-B or brokerage statement?
- No
- Select Other (other investment purpose) from the list of investments.
- Follow the TurboTax interview to enter your information.
- If you incur sale expenses, you can subtract them from the proceeds.
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‎April 12, 2025
3:21 AM
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