topic I received a form 1099S for the sale of a main home - the only home my husband and I had. in Deductions & credits

I received a form 1099S for the sale of a main home - the only home my husband and I had.

vermonter16 — Sat, 01 Jun 2019 02:00:36 GMT

We lived in this home for 2 years and had it built from the ground up. We made no money on this home and it was well under the $500,000 limit. Do I need to upgrade to Premiere to report this? Or do I not have to since we meet the requirements for exclusion.

If you sold your primary personal residence and you lived...

DoninGA — Sat, 01 Jun 2019 02:00:37 GMT

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Home and Business edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

So..you will owe no tax on the sale but since you got a 1...

BobB7 — Sat, 01 Jun 2019 02:00:39 GMT

So..you will owe no tax on the sale but since you got a 1099-S you have to report it so you can indicate why it isn't taxable. But also note that the home needs to be your primary personal residence for at least two of the five years. Also, if you rented out any of it or took any home office deductions then some of the proceeds would be taxable.

All it says is gross proceeds on the form. It doesn't sa...

vermonter16 — Sat, 01 Jun 2019 02:00:40 GMT

All it says is gross proceeds on the form. It doesn't say gain or loss. We lived in the home and didn't rent any of it out. It was our home for 3 years and we sold it for well under the 500k excemption. Do I still need to get the premiere?