You will have no reporting requirement related to the sale of your primary residence if you meet the gain exclusion requirements unless you received a 1099-S from the sale.
See this IRS link
for more information on the exclusion:
https://www.irs.gov/taxtopics/tc701.html
If you did receive a Form 1099-S for this sale, that means the IRS also got a copy
and you will need to report this information into TurboTax. (But don't worry,
TurboTax will guide you on entering this information on your tax return). Also only enter your portion of all amounts if you need to enter this sale in TurboTax
To enter the sale of
your home in TurboTax Online or Desktop, please follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Wages &
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose
what I work on”
- Scroll down the screen until
to come to the section “Less Common Income”
- Choose “Sale of Home (gain or
loss)” and select “start’
- You will want to use the
"Easy Guide" to determine the adjusted basis on this home
(screenshot #1)
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 (see screenshot #2)
