Q. How do I determine the amount to report as a capital gain, if any, in the sale of our home in 2025?
A. TurboTax (TT) does that automatically on the home sale work sheet and reports the taxable amount on form 8949 (even if the amount is 0). If the gain is fully excludable (less than $250,000, $500,000 Married) and you did not receive a form 1099-S*, TT will give you the option of reporting the sale on your tax return.
*The 1099-S is usually included in your closing documents, instead of arriving in the mail, in Jan. or Feb. of the following year.
