If you sold your primary residence and lived in and owned the home for at least two years in the five year period before the date of sale, you can exclude up to $250,000 of gain.
Follow these steps to report the sale:
- Across the top of the screen, click on Federal Taxes.
- At the top of the screen click on Wages & income.
- Click I'll choose what I work on.
- Scroll down to Less Common Income.
- Click Start / Revisit / Update to the right of Sale of Home.
- At the screen Sale of Your Main Home, click Yes.
You can also click on the magnifying glass in the upper right hand corner of the screen and enter ‘sale of home’. Then click on ‘jump to sale of home’.
The software will walk you through questions to report the sale of your personal home, income and expenses.
See also this Best Answer.
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