Do I need to report a sold home in 2016 if I lived in it for 2 years as my primary residence and I profited less than $250,000 from the sale?

[NicoleU · Accepted solution]

If you sold your main home in 2016, we'll determine if you need to report the sale on your return. Generally, profits of up to $250,000 ($500,000 on a joint return) do not need to be reported to the IRS. However if you received a Form 1099-S, then you may need to report it.

You will need to do the following in TurboTax:

• Federal Taxes
• Wages & Income
• Less Common Income
• Sale of Home (gain or loss)
• Sold A Home, click Continue
• Address of the Home You Sold, click Continue
• Sales Information, click Continue
• Tell Us About the Purchase of Your Home
• Time You Lived In Your Home
• Did You Use This Home for Anything Other Than Your Primary Home?
• Another Home Sale
• Depreciation After May 6, 1997
• Exclusion of Gain (if you meet the requirements)
• Include Sale of Home in Return (Very important, if you received a Form 1099-S), please check the box, Include my sale on my return (if applicable)