I sold my house Where do I put in that information

[DS30]

You do not need to enter the sale of your primary residence if:

• You never used your primary residence as a rental or took a home office deduction
• You have a loss on the sale of your home (Personal capital losses are not reported on your tax return)
• You did not receive a Form 1099-S and
• You meet the home gain exclusion (see below)

You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See  Sale of Your Home for more information on the exclusion.

If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

1. Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on”
4. Scroll down the screen until to come to the section “Less Common Income”
5. Choose “Sale of Home (gain or loss)” and select “start’
6. You will want to use the "Easy Guide" to determine the adjusted basis on this home 

Say "yes" that you sold your main home and TurboTax will guide you on entering this information.  You will need:

• The date you sold your home and the selling price (from your closing statement)
• The date you bought your home and the purchase price (from your closing statement)
• The cost of any major improvements you made, so we can deduct them for you
• Form 1099-C if you sold your home at a loss (short sale)

Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S

[elsabrenna]

This was not one of the options to file under.

kathy

[DoninGA]

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@elsabrenna wrote:

This was not one of the options to file under.

kathy

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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, you do not have to report the sale if 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 the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Less Common Income
• On Sale of Home (gain or loss), click the start or update button

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

[squirll-500]

NEED TO ENTER AN INVESTMENT PROPERTY SOLD

[JotikaT2]

You will enter this information into TurboTax in the federal interview section as follows:

1. Select Income & Expenses 
2. Scroll down through all income until you see Investment income 
3. Select Stocks, Mutual Funds, Bonds, Other 
4. Select Add more sales 
5. You will see the screen titled OK, what type of investments did you sell?  Be sure to select Other to report your 1099-S.

Proceed through the questions and enter the information as prompted.  

[Dino1one]

Even if I did get a 1099S?

[MayaD]

If you received a 1099-S form, you must report the sale of the home even if the gain from the sale is excludable. 

Topic No. 701 Sale of Your Home

[sgrace5015]

My father passed and the home was left to me and my siblings and i was wondering if this rule applies to us. The home was sold and split 4 ways. Im sure it took a loss.

[SusanY1]

The home inherited by you from your father is treated as investment property.  This means your share of any loss in the property (or gain) is reportable.  Losses on the sale of your own primary residence can't be taken on your tax return, but the loss (if any) from the sale of inherited property can be.  Your initial basis in the home is the value of the home on the date of death (or an "alternate valuation date", if one was chosen by the estate- but this isn't particularly common).  Be sure to add to the basis any improvements that you may have made prior to sale, if any, and to subtract from the proceeds the expenses of the sale.  

Follow the directions above posted by @JotikaT2 to report this sale in TurboTax.  

@sgrace5015