You'll need to sign in or create an account to connect with an expert.
You don't - If you know that your house sold for less than the exclusion amount and you qualify for the exclusion, there is no need to report the sale at all, unless you received form 1099-S for it. Only if you have 1099-S, you would have to upgrade to Premier, as this is the version that handles such sales... regardless how much the net profit is.
If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).
If your gain is larger than the amounts above (or received 1099-S) you must report the sale:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
lasgal
New Member
ccacioppo
Level 1
Bill413
Level 2
Peach347
New Member
jschimmer
Level 3
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.