Where did you enter the Sale of your Home? Was it your primary residence and you took an exclusion? There is a special place to enter that. If it was your second home, enter it under the Investment section.
Enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
- Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose what I work on”
- Scroll down the screen until to come to the section “Less Common Income”
- Choose “Sale of Home (gain or loss)” and select “start’
- You will want to use the "Easy Guide" to determine the adjusted basis on this home
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
- The date you sold your home and the selling price (from your closing statement)
- The date you bought your home and the purchase price (from your closing statement)
- The cost of any major improvements you made, so we can deduct them for you
- Form 1099-C if you sold your home at a loss (short sale)
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S.
