Home Sale

Forum|Forum|6 years ago
February 2, 2020
1 reply
29 views

I sold my main home 07/24/2019. I purchased it and lived in it since 12/08/2015. I owned/lived in my previous home from 06/2010-12/08/2015. I think I meet the exemption on gains for sale (it was WAY under $250,000 as a single person) requirements for ownership, residence and lookback according to IRS publication 523. However, when I enter sale information into Turbo Tax, it's trying to make me pay taxes on "gain" from the sale as if I didn't meet the exemption requirements. Can you help?

Tax Advice

Best answer by DeanM15

Yes, you seem to meet the requirements for the exemption for your primary residence.

The first question I would ask is do you have the sale in the correct section? It should be under Sale of Home under Less Common Income in the Income and Expenses section of the Federal return.

If you have entered the information in the correct spot, at this point I would suggest deleting the information and starting over with the sale of your home.

In the left-hand black menu, choose Tax Tools, then Tools.
Click on Delete a Form from the window that pops up.
You should now see the Review Form List. Scroll down the list and click Delete on Home Sale Worksheet (your address).
You may get a pop up telling you additional worksheets and forms are being deleted. Approve and click delete.
You should come back to the Review Form List. Scroll to the bottom and click Continue with My Return.

For more information, click here.

DeanM15Answer

Level 10

Yes, you seem to meet the requirements for the exemption for your primary residence.

If you have entered the information in the correct spot, at this point I would suggest deleting the information and starting over with the sale of your home.

In the left-hand black menu, choose Tax Tools, then Tools.
Click on Delete a Form from the window that pops up.
You should now see the Review Form List. Scroll down the list and click Delete on Home Sale Worksheet (your address).
You may get a pop up telling you additional worksheets and forms are being deleted. Approve and click delete.
You should come back to the Review Form List. Scroll to the bottom and click Continue with My Return.