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New Member

selling a house

I sold a house last year , do I have to file a long form ?

3 Replies
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Level 15

selling a house

The best thing to do is to answer all the questions in TurboTax and let TurboTax decide which form is needed. Unfortunately, the house questions will put you in the deluxe version and you will be stuck there even if you end up not needing to report the house sale.  To avoid that you can use The following information to decide whether you need to report the sale of your home, and then if you want to stay in the free version and if you are sure that you don’t need to report the sale, then you can just leave it off.

 

No matter what else, you must report the sale of your home if you received a 1099–S form at the closing.  If you did not get a 1099 – S, then you only need to report the sale if you have a taxable capital game.

 

You will have a taxable capital gain if the gain on your home is more than $250,000 and you are single, or if the gain is more than $500,000 and you are married filing jointly. Your gain is the difference between the selling price and the purchase price, and does not necessarily have anything to do with the amount of cash you receive.  You may also have a taxable capital gain and are require to use the long form if you owned the home less than two years, or if you did not live in the home for at least two years of the past five years, or if you ever claimed rental expenses or home office expenses when you were living in the home.

*Answers are correct to the best of my ability but do not constitute legal or tax advice.*
**If a post answers your question, choose it by clicking on "Mark as Best Answer".**
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New Member

selling a house

What if the house is not your primary residence?

Highlighted
Level 15

selling a house


@rick1diane wrote:

What if the house is not your primary residence?


Is it a second/vacation home, rental property, something else?