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We sold our primary residence in 2021. We received a Substitute Form 1099-S and a settlement statement.
TurboTax seems to want to include a lot of information that doesn't seem to calculate correctly, and will not let me select the box stating for a third time this is a primary residence. We did not have capital gains on the entire proceeds as we had a mortgage on it. If I enter the mortgage payoff with the total, it looks like we had a net loss, which isn't accurate, but if I don't, it thinks I need to pay a huge amount in capital gains taxes, even though we meet all the criteria to not have to. Do I even need to enter this information since it was a primary residence and under the allowable amount for a capital gains that need to be reported?
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March 30, 2022
7:23 AM