topic You lived in your home as a primary residence for at leas... in Investors & landlords

In October 2017 sold primary residence of approximately 10 years at somewhat of a loss as to it's worth, Should there be a concern of capital gains

susieinnv1950 — Wed, 05 Jun 2019 01:06:22 GMT

You lived in your home as a primary residence for at leas...

MinhT — Wed, 05 Jun 2019 01:06:23 GMT

You lived in your home as a primary residence for at least 2 years in the last 5 years and you qualify for the capital gain exclusion of $500,000 (married filing jointly) or $250,000 (other filing statuses.

If your capital gain is less, you do not need to report the sale of your home in TurboTax if you do not receive form 1099-S.

If you receive form 1099-S, you have to report of the sale but still qualify for the exclusion of capital gain as explained above.

In TurboTax, you report the sale of your home in the Less Common Income section (see attached screenshot).

In the TurboTax interview, answer very carefully the questions, paying particular attention to dates.

Would any cash received out of that sale be considered in...

susieinnv1950 — Wed, 05 Jun 2019 01:06:25 GMT

Would any cash received out of that sale be considered income?

Cash received from the sale depends also on whether you h...

MinhT — Wed, 05 Jun 2019 01:06:26 GMT

Cash received from the sale depends also on whether you have a mortgage balance. It does not enter into the calculation of capital gains or losses. Capital gains or losses is the difference between your cost basis and the net proceeds of the sale (sale price minus selling expenses).