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If you think the capital gains on your house are $250,000 or less ($500,000 if you are married filing jointly) you don't even have to report it in your return.
You can do a rough "guestimate" -- take the sales price and subtract the purchase price when you bought the house. If that amount is less than $250,000/$500,000 you don't have to go any further. Don't report the sale in your return.
If you think your gain might be higher than the exclusion amount, then use the "EasyGuide" in TurboTax to help you calculate Adjusted Cost Basis. It's on the Tell Us About the Purchase of Your Home screen.
To get there:
If you have any questions, please respond to this thread by leaving a comment.
How can we help you?
If you think the capital gains on your house are $250,000 or less ($500,000 if you are married filing jointly) you don't even have to report it in your return.
You can do a rough "guestimate" -- take the sales price and subtract the purchase price when you bought the house. If that amount is less than $250,000/$500,000 you don't have to go any further. Don't report the sale in your return.
If you think your gain might be higher than the exclusion amount, then use the "EasyGuide" in TurboTax to help you calculate Adjusted Cost Basis. It's on the Tell Us About the Purchase of Your Home screen.
To get there:
If you have any questions, please respond to this thread by leaving a comment.
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