1099-S sale of main home creates huge tax amount. I only made 10K on the sale. How and where in turbotax do I report this correctly?

davsanto — Tue, 04 Jun 2019 00:23:12 GMT

1099-s main home sale increases taxes - only made 10K

The sale of a principal residence is generally not report...

IreneS — Tue, 04 Jun 2019 00:23:13 GMT

The sale of a principal residence is generally not reported on a taxpayer's return unless the taxpayer:

Gain of up to $250,000 ($500,000 for married filing jointly) is excluded from tax.

Since you received a 1099-S, you need to enter the sale of your home in TurboTax to determine if there was a gain

Some things to check:

On the Sales Information Screen, click on the Sales Expenses link to see all the items that can be included in sales expenses. [See Screenshot #1, below.]
On the screen, Tell Us About the Purchase of Your Home, check your adjusted basis. Click on the EasyGuide box for help in calculating your adjusted basis. [Screenshot #2]
Make sure the dates you bought and sold the property are correct. To qualify for the home sale exclusion, generally you must live in the home for at least 24 months (730 days) out of the last five years. However, some exceptions apply, and you may qualify for at least a partial exclusion of the gain when you think you don't.
On the screens, Lived in Home, make sure you indicate that you (and your spouse, if filing jointly, lived in the home for at least two years (24 months)