I sold my home I lived in for over 9 years in 2024. What do I need to do. I paid off bills with all the monies/ sale was under $120,000

[xmasbaby0]

What you did with the money from selling your house is irrelevant on your tax return.

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 Premium software to report the 1099-S

[Vanessa A]

Since your sale was $120,000 which is less than the $250,000 home sale exclusion allowed when you live in a house for 2 out of the last 5 years, you will simply need to enter the sale in TurboTax, and then answer the questions about how long you lived there and owned the home.  With the  home sale exclusion, you will not have to pay taxes on this money, but you will still need to report the sale.  How you used the money does not affect how it is taxed or reported. 

To enter the Sale of a Home select the following:

1. Federal
2. Income
3. Sale of Home under Less Common Income