1099-S do I enter Box 2 proceeds or sale price of home sold?

If you received a Form 1099-S for the sale of your home, you will report the amount in box 2 as the sales price of your home (even if you did not receive this full amount). If 2 amounts are listed in box 2, include the full sales price amount.

Please note - 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:  log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "sale of home" in the search bar then select "jump to sale of home". TurboTax will guide you in 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