Solved: I bought my home for 110,000 and sold it for 112,000 more than 2 years later. Why is Turbo Tax telling me I have a capital gain of 106,000?? Tax basis on home sold
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knellerthorpe
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I bought my home for 110,000 and sold it for 112,000 more than 2 years later. Why is Turbo Tax telling me I have a capital gain of 106,000?? Tax basis on home sold

 
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DoninGA
Level 15

I bought my home for 110,000 and sold it for 112,000 more than 2 years later. Why is Turbo Tax telling me I have a capital gain of 106,000?? Tax basis on home sold

Unless you received a Form 1099-S for the sale of your primary personal residence, you do not report the sale 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 and 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 and owned the home for two years). 

Remove all the sale data for the home from the program if this is your situation.

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

If you did receive a Form 1099-S then you must report the sale, either with a gain or a loss.  Review all of your entries in the home sale section and carefully review your answers to the questions asked.  Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

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DoninGA
Level 15

I bought my home for 110,000 and sold it for 112,000 more than 2 years later. Why is Turbo Tax telling me I have a capital gain of 106,000?? Tax basis on home sold

Unless you received a Form 1099-S for the sale of your primary personal residence, you do not report the sale 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 and 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 and owned the home for two years). 

Remove all the sale data for the home from the program if this is your situation.

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

If you did receive a Form 1099-S then you must report the sale, either with a gain or a loss.  Review all of your entries in the home sale section and carefully review your answers to the questions asked.  Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

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