Bought 2nd home in '07, sold 1st in '18,. Moved to my 2nd. Lived there full time. Sold it in '23. Rec'd 1099-S . Can't get TT to claim my $250K exemption. Software error?

[noreenslank]

Never rented the home. Once I input that I rec'd 1099-S and TT has the purchase & sale date it scoots me right to the cost basis calculations.

[JulieS]

Yes, you can enter the sale of your home and exclude up to $250,000 of the gain in TurboTax. 

Here's how to enter that:

1. Sign in to your TurboTax account.
2. Select Edit under Wages & Income. 
3. Scroll down to Less Common Income at the bottom. Expand the section by selecting the down arrow. 
4. Select Start or Revisit to the right of Sale of Home (gain or loss).
5. Answer the first question Yes and continue answering according to your situation. 

The program will cover your basis, cost of selling, whether you ever used it for business and if you qualify for an exemption. 
 

[noreenslank]

I know I'm entitled to the exemption. Software only asks when I bought it--2007 and when I sold it and if I got a 1099-S. no where am I asked when I established it as my principal residence--which was in 2018.

[noreenslank]

Software asks "date bought or acquired."  I bought it in 2007. I wouldn't think moving there full time in 2018 can be when I "acquired" it. So I inputted the purchase date, '07

[Mike9241]

are you using the home sale worksheet? 

[noreenslank]

I'm just plodding along following the questions in the home sales "other income" section. I printed the return and its filled out a form called "adjusted basis of home sold worksheet."  All it includes is increases and decreases to the (cost) basis.