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We sold our home for $249.900 in 2016 but did not purchase a home until 2017. We lived in a hotel for 6.5 months. Do we have to select the sold a home option?
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June 3, 2019
1:25 PM
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Deductions & credits
Yes, you would still need to report the sale of the home.
To enter the sale of a home in the TurboTax online program:
- After sign in, select Pick up where you left off
- In the Search box, at the right upper corner, type in sale of home, then press Enter
- Select Jump to sale of home
- On-screen, Sale of Your Main Home screen, select Yes
- On the Sold a Home screen, click Continue to enter your information
You need to report the gain if ANY of the following is true.
· You have a taxable gain on your home sale and don’t qualify to exclude the gain. See Gain exclusion
· You received a Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
· You wish to report your gain as a taxable gain even though some or all of it is eligible for the exclusion
June 3, 2019
1:25 PM