How should I treat a Home Sale incentive that is showing up in my W2 as income?

topcat_dcxfree — Tue, 04 Jun 2019 19:47:35 GMT

My company's relocation policy has a Home Sale Incentive clause. Essentially if I sell my home in <X days, I get a $ incentive payment. In 2018, that is what happened and I was paid $2,500 as "Home Sale Incentive". This amount was paid via check and is also showing up in my W-2 in Box 1. So by default it is showing up as "taxable income". Is it taxable or do I need to adjust something in TurboTax or is there a deduction somewhere to offset this?

It is taxable income and basically treated as a bonus fro...

Vanessa — Tue, 04 Jun 2019 19:47:36 GMT

It is taxable income and basically treated as a bonus from your employer, nothing needs to be done to adjust it. There is not a deduction to offset it.

topic How should I treat a Home Sale incentive that is showing up in my W2 as income? in Get your taxes done using TurboTax

How should I treat a Home Sale incentive that is showing up in my W2 as income?

It is taxable income and basically treated as a bonus fro...