I sold my condo. Where do I enter this.

[xmasbaby0]

Was the condo your own primary residence?

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 Premium software to report the 1099-S

[LindaS5247]

You will enter the sale of your condo in TurboTax using the instructions below. TurboTax will walk you through the sale of your home and use your answers to determine if you have to report the sale. Many home sellers don’t have to report the sale of their home to the IRS. 

You can do the following to get to the screens in TurboTax to report the sale of your condo:

1. Click on the Search icon at the top right of your screen.
2. Type "sale of home" in the search bar.
3. Click on the link "Jump to sale of home"
4. Your screen will say "Sale of Your Main Home"
5. Answer "Yes" to the question "Did you sell or have your home foreclosed in 2024?"
6. The next screen will tell you what you need to answer the screens to report the sale of your home
7. Review this and Select "Continue"
8. Enter the address of your home on the next screen and select "Continue"
9. The next screen asks if you got a Form 1099-S that reported the sale, answer it accordingly
10. The next screen will say, "Tell Us About the Purchase of Your Home." Enter the date you bought your home and the adjusted cost basis of your home*
11. Follow the rest of the screens to determine if you have to report your sale. 
12. TurboTax will walk you through it.

*The adjusted cost basis of your home is usually the cost of your home adjusted for various items.  These items include: permanent home improvements. Nondeductible assessments for improvements such as sidewalks and utilities; any depreciation claimed, any casualty of theft losses deducted.

How long you owned and lived in your home before you sold it will determine how much profit you made.

• If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of the profit is tax-free.
• If you are married and file a joint return, the tax-free amount doubles to $500,000.

You can exclude the profit from your taxable income. You can not deduct a loss from the sale of your home.

The law lets you "exclude" this profit from your taxable income. (If you sold for a loss, though, you can't take a deduction for that loss.)

If your profit exceeds the $250,000 or $500,000 limit, the excess is reported as a capital gain on Schedule D.

To search for the screen to enter your sale of your condo will look like this:
 

The next screen tells you what information you need to complete the sale of home section in TurboTax.

 

Click here for "Tax Aspects of Home Ownership: Selling a Home"

Click here for "Tax considerations when selling a home"

Click here for" Topic no. 701, Sale of your home"

Click here for "Publication 523 Selling Your Home"