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Deductions & credits
Are you wanting to report the sale of your personal residence? Or something else? Please clarify.
The purchase of a new house is generally not a taxable event. Please clarify.
In TurboTax Online, to report the sale of your personal residence, enter 'sale of home' in the search microscope in the upper right hand corner of the screen.
Click on 'Jump to sale of home'.
Follow the prompts to determine the gain and whether the gain is taxable.
IRS form 8949 will be generated by the software if a gain needs to be reported.
The tax code allows taxpayers to exclude up to $250,000 ($500,000 for certain taxpayers who file a joint return) of the gain from the sale (or exchange) of property owned and used as a principal residence (main home) for at least two of the five years before the sale.
If a taxpayer qualifies to exclude the entire gain on the sale form income, the transaction might not be required to be reported on the tax return.
See also this TurboTax Help.
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