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I sold my primary home in 2018 and bought a farm in 2019 (no home in it), I don't want to use my $250,000 credit yet. Can't find form 8949 , how do i file this?

 
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3 Replies
DavidD66
Expert Alumni

I sold my primary home in 2018 and bought a farm in 2019 (no home in it), I don't want to use my $250,000 credit yet. Can't find form 8949 , how do i file this?

Can you clarify what you mean by "I don't want to use my $25,000 credit yet"?

 

To get to the entry screen for Form 8949, click on "Search" and type in "Investment Sales" and hit "enter".  Click on "Jump to investment sales".  Answer the questions and TurboTax will guide you through the investment sale entry.

 

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I sold my primary home in 2018 and bought a farm in 2019 (no home in it), I don't want to use my $250,000 credit yet. Can't find form 8949 , how do i file this?

It was supposed to be $250,000 not 25k, credit for selling your home after a certain age (I believe it's 55).

JoannaB2
Expert Alumni

I sold my primary home in 2018 and bought a farm in 2019 (no home in it), I don't want to use my $250,000 credit yet. Can't find form 8949 , how do i file this?

No, you don't need to report the sale of a home, since you sold it in 2018, on your 2020 income tax return. The sale of your primary home in 2018 was not an investment income. The Form 8949 is used to report sales and other dispositions of capital assets. You may elect not to use the exclusion, but if gain was over $250,000, you may have to pay capital gain on the amount over $250,000. 

 

To add Form 8949, you may have to upgrade to a CD/Download software versions of TurboTax and the online and mobile app versions of TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed, and TurboTax Live Self-Employed

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