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ckin
New Member

We sold main home to govt due to condemnation and bought replacement. Per Section 1033 gain from sale should be excluded. How to get Turbo Tax program recognize this?

 
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3 Replies
JulieR
Expert Alumni

We sold main home to govt due to condemnation and bought replacement. Per Section 1033 gain from sale should be excluded. How to get Turbo Tax program recognize this?

Begin in your open return by typing "sale of home" into the search box and click on the "Jump to" link in the search results.  The program will prompt your entries and confirm the Exclusion of Gain at the end of the interview.
ckin
New Member

We sold main home to govt due to condemnation and bought replacement. Per Section 1033 gain from sale should be excluded. How to get Turbo Tax program recognize this?

Julie.  I've gone through the Turbo Tax Interview for Sale of Home multiple times.  The program never takes me to the screen with the interview question about the reason for selling my home which could allow me to choose "condemnation."  A Turbo Tax Pro has sent me a screen shot of that interview question and screen, but the program just won't take me there.
Hal_Al
Level 15

We sold main home to govt due to condemnation and bought replacement. Per Section 1033 gain from sale should be excluded. How to get Turbo Tax program recognize this?

You actually have a choice.
You can treat this as a home  exclusion (as described by Julie) or as a section 1033 exchange.  See <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4410097-where-can-i-find-form-1033-a-form-to-defer-capital-gains-t...>

The home sale is probably the best way, unless you intend to keep you new home less than 2 years

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