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Anonymous
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I am an 81 year old widow. I downsized from our large home in Colorado to a condo in FL to be near my kids, how do I report this sale, what info do I need?

The CO home was built and I have a spreadsheet on all of the things we did to the house.  I paid cash for the Condo in FL.
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MichaelDC
New Member

I am an 81 year old widow. I downsized from our large home in Colorado to a condo in FL to be near my kids, how do I report this sale, what info do I need?

You'll need documents reporting the sale include the closing statement (HUD-1) or a 1099-S, contact the real estate seller for more information. However, you may not need to pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you are within these parameters, it'll be a very easy entry.

That income is free and clear as long as:

  • You owned the home
  • It was your main home for two years or more within the five years leading up to the sale
  • You waited at least two years between selling your primary home and excluding your first $250,000. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

Follow these steps:

Open (continue) your return in TurboTax. If you’re not sure you’re in your return, select the Take me to my return button.

  1. In the upper right corner, search for home sale and then select the "Jump to" link in the search results.
  2. Answer Yes to "Did you sell or have your home foreclosed in 2017?"
  3. Follow the screens to enter your info.

 

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1 Reply
MichaelDC
New Member

I am an 81 year old widow. I downsized from our large home in Colorado to a condo in FL to be near my kids, how do I report this sale, what info do I need?

You'll need documents reporting the sale include the closing statement (HUD-1) or a 1099-S, contact the real estate seller for more information. However, you may not need to pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you are within these parameters, it'll be a very easy entry.

That income is free and clear as long as:

  • You owned the home
  • It was your main home for two years or more within the five years leading up to the sale
  • You waited at least two years between selling your primary home and excluding your first $250,000. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

Follow these steps:

Open (continue) your return in TurboTax. If you’re not sure you’re in your return, select the Take me to my return button.

  1. In the upper right corner, search for home sale and then select the "Jump to" link in the search results.
  2. Answer Yes to "Did you sell or have your home foreclosed in 2017?"
  3. Follow the screens to enter your info.

 

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