You'll need to sign in or create an account to connect with an expert.
Yes, if you sold property in 2017 you would report it
1) If it was a rental property.
2) if it was a personal home:
Does Your Home Sale Qualify for Maximum Exclusion
The tax code recognizes the importance of home ownership by providing certain tax breaks when you sell your home. To qualify for these breaks, your home must meet the Eligibility Test , which is explained later.
The type of home involved is less important. A single-family home, condominium, cooperative apartment, mobile home, or houseboat can all count as a home.
How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
Yes, if you sold property in 2017 you would report it
1) If it was a rental property.
2) if it was a personal home:
Does Your Home Sale Qualify for Maximum Exclusion
The tax code recognizes the importance of home ownership by providing certain tax breaks when you sell your home. To qualify for these breaks, your home must meet the Eligibility Test , which is explained later.
The type of home involved is less important. A single-family home, condominium, cooperative apartment, mobile home, or houseboat can all count as a home.
How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
If this was your personal home and you know you qualify for the $250,000/$500,000 exclusion, then you don't have to report it unless the closing agent gave you a form 1099-S.
If you aren't sure, turbotax can tell you whether or not you need to report it, but you need to upgrade to the Premier version. And it may end up that you will have paid for the Premier upgrade only to be told "you owe no tax and don't need to report it."
Of course, if any situation applies where you will owe tax (you took a home office deduction, used it some times for rental, don't qualify for the exclusion, or the gain is more than the exclusion) then you need to upgrade to Premier to calculate the taxable gain and tax owed.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
wvlucas253
New Member
ppalm
Level 2
gfunkbigdaddy
Level 1
Superholez50
Returning Member
BSiopes81
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.