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gcon5
New Member

I sold my condo last year do I need to declare this

 
1 Reply
KarenL2
Level 5

I sold my condo last year do I need to declare this

Maybe.  If all of the following apply, you don't need to report it.  Otherwise you do  have to report it.

  • You lived in the home as your main home for at 2 of the 5 years preceding the sale.
  • Your "net" profit from the sale is less than $250,000 ($500,000 if Married Filing Jointly).
  • You didn't take depreciation deduction on the home or use it for business during the time you owned it.
  • You didn't rent it out at any time that you owned it.
  • You didn’t receive a Form 1099-S.

Where to enter the sale of your home  (if required) in TurboTax: While inside the software and working on your return, type sale of home in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to sale of home.  Select that to get to the general area. 

Sales expenses are listed in the sellers column of your settlement statement and include:

  • commissions
  • appraisal fees
  • broker's fees
  • legal fees
  • advertising fees
  • home inspection reports
  • title insurance
  • transfer taxes or fees
  • geological surveys
  • loan charges (points) or other fees paid on the buyer's behalf
  • any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.) 

Sales expenses do not include:

  • mortgage payoffs
  • home equity loan payoffs
  • rent-back costs
  • payoff to creditors
  • property taxes
  • home owner association fees

Is the Sale of My Main Home Taxable?

https://ttlc.intuit.com/replies/3300213

 


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