Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mwasem54
New Member

Moved to wife's

I got married in July 2016 and moved into my wife's house shortly thereafter.  My house sold in July 2017 at a profit of about 140K.  How do I report that sale on my 2017 tax forms?

1 Best answer

Accepted Solutions
MichaelDC
New Member

Moved to wife's

If this house was your primary residence -

You do not need to enter the sale of your primary residence if:

·         You never used your primary residence as a rental

·         You have a loss on the sale of your home (Personal capital losses are not reported on your tax return)

·         You did not receive a Form 1099-S and

·         You meet the home gain exclusion (see below)

You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See  Sale of Your Home for more information on the exclusion.

If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

1.      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)

2.      Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)

3.      Next click on “I’ll choose what I work on”

4.      Scroll down the screen until to come to the section “Less Common Income”

5.      Choose “Sale of Home (gain or loss)” and select “start’

6.      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

 

View solution in original post

2 Replies
MichaelDC
New Member

Moved to wife's

If this house was your primary residence -

You do not need to enter the sale of your primary residence if:

·         You never used your primary residence as a rental

·         You have a loss on the sale of your home (Personal capital losses are not reported on your tax return)

·         You did not receive a Form 1099-S and

·         You meet the home gain exclusion (see below)

You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See  Sale of Your Home for more information on the exclusion.

If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

1.      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)

2.      Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)

3.      Next click on “I’ll choose what I work on”

4.      Scroll down the screen until to come to the section “Less Common Income”

5.      Choose “Sale of Home (gain or loss)” and select “start’

6.      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

 

levisncap89
New Member

Moved to wife's

You don't. Gains on the sale of a primary residence up to $250,000 are not taxable, as long as you lived in the home for at least 2 of the 5 years preceding the sale.

Dynamic AdsDynamic Ads
Privacy Settings
v