You'll need to sign in or create an account to connect with an expert.
As you have lived in your home for less than 2 years, you are not eligible for the capital gain exclusion on the sale of your home. You'll have to report the sale (just as you would do for the sale of a second home) on your tax return if you have a capital gain, which is the case.
The $10k which you paid towards your new house is not reported on your tax return. You may or may not receive form 1099-S for the sale of your home but in any case, you have to report the sale of the home.
Please read this TurboTax FAQ on how to report the sale:
https://ttlc.intuit.com/replies/3300213
As you have lived in your home for less than 2 years, you are not eligible for the capital gain exclusion on the sale of your home. You'll have to report the sale (just as you would do for the sale of a second home) on your tax return if you have a capital gain, which is the case.
The $10k which you paid towards your new house is not reported on your tax return. You may or may not receive form 1099-S for the sale of your home but in any case, you have to report the sale of the home.
Please read this TurboTax FAQ on how to report the sale:
https://ttlc.intuit.com/replies/3300213
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Cat_Sushi
Level 2
mr49beck
New Member
lasgal
New Member
rcbowman_1998
New Member
leasha48
New Member
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.