Home sale reporting

[sjsmittle]

I see that the proceeds from a house sale is not taxable if under $500,000 for married filing jointly.  If our house sold for under $300,000 what are the reporting requirements?  Do we need to report it?  We owned the house and lived in it for almost 30 years.

[DoninGA · Accepted solution]

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).  

If you had a gain greater then the exclusion amounts then you would have to report the sale.  Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.  You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions.   Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Less Common Income
• On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen.  Click on Jump to sale of home

[10ed00]

I AM USING TURBOTAX PREMIER 2018 (FILING VERY LATE EXTENSION).  I DO NOT SEE A SEARCH ICON.  I TRIED HELP AND IT SENDS ME TO A "BLURB" THAT GOES THROUGH A VERY COMPLICATED IRS SET OF FORMS FOR CALCULATING THE CAPITAL GAIN OR LOSS.

I USED TURBOTAX PREVIOUSLY AND HOME SALE WAS A STANDRD QUESTION FOR CAPITAL GAINS OR LOSSES.  ANY FURTHER ADVICE WOULD BE APPRECIATED.  ALSO, THIS IS MY RESIDENCE, NOT A BUSINESS.

THANK YOU.

[xmasbaby0]

If you owe any tax due, you are past the extension deadline now, so you may be subject to penalty/interest, for which the IRS will bill you later.  If you are getting a refund or owe no tax, there is no penalty for being late.

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premier or Self-Employed software to report the 1099-S
• .https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible