Yes, you will need to report the sale of your home. Since you did not own your home for 2 of 5 years, you are not eligible for the Home Sale Exclusion. Here is how to report the sale of your home in TurboTax:
- While you are in your Tax Home,
- Select Wages & Income,
- Select Review/Edit,
- Scroll down the screen until to come to the section Less Common Income,
- Choose Sale of Home (gain or loss), and
- Select Start.
You are allowed to deduct from the sales price almost any type of selling expenses, provided that they don’t physically affect the property. Such expenses may include:
- advertising
- appraisal fees
- attorney fees
- closing fees
- document preparation fees
- escrow fees
- mortgage satisfaction fees
- notary fees
- points paid by seller to obtain financing for buyer
- real estate broker's commission
- recording fees (if paid by the seller)
- costs of removing title clouds
- settlement fees
- title search fees, and
- transfer or stamp taxes charged by city, county, or state governments.
Here is some helpful information on selling your home: IRS Publication 523
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