Solved: I've been doing my taxes a longtime, but this is way too complicated. I'm very confused on my capital gains on the sell of my house.
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I've been doing my taxes a longtime, but this is way too complicated. I'm very confused on my capital gains on the sell of my house.

 
1 Best answer

Accepted Solutions
Highlighted
Level 14

I've been doing my taxes a longtime, but this is way too complicated. I'm very confused on my capital gains on the sell of my house.

How can we help you?

If you think the capital gains on your house are $250,000 or less ($500,000 if you are married filing jointly) you don't even have to report it in your return.

You can do a rough "guestimate" -- take the sales price and subtract the purchase price when you bought the house.  If that amount is less than $250,000/$500,000 you don't have to go any further.  Don't report the sale in your return.


If you think your gain might be higher than the exclusion amount, then use the "EasyGuide" in TurboTax to help you calculate Adjusted Cost Basis.  It's on the Tell Us About the Purchase of Your Home screen. 

To get there:

  1. In the Wages & Income section, scroll down to Less Common Income
  2. Click the Start/Update box next to Sale of Home.
  3. Continue through the screens until you reach the screen, Tell Us About the Purchase of Your Home.
  4. Below the box for Adjusted Cost Basis, click on the EasyGuide box.  TurboTax will walk you through the process of determining the cost basis.

If you have any questions, please respond to this thread by leaving a comment.



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
Highlighted
Level 14

I've been doing my taxes a longtime, but this is way too complicated. I'm very confused on my capital gains on the sell of my house.

How can we help you?

If you think the capital gains on your house are $250,000 or less ($500,000 if you are married filing jointly) you don't even have to report it in your return.

You can do a rough "guestimate" -- take the sales price and subtract the purchase price when you bought the house.  If that amount is less than $250,000/$500,000 you don't have to go any further.  Don't report the sale in your return.


If you think your gain might be higher than the exclusion amount, then use the "EasyGuide" in TurboTax to help you calculate Adjusted Cost Basis.  It's on the Tell Us About the Purchase of Your Home screen. 

To get there:

  1. In the Wages & Income section, scroll down to Less Common Income
  2. Click the Start/Update box next to Sale of Home.
  3. Continue through the screens until you reach the screen, Tell Us About the Purchase of Your Home.
  4. Below the box for Adjusted Cost Basis, click on the EasyGuide box.  TurboTax will walk you through the process of determining the cost basis.

If you have any questions, please respond to this thread by leaving a comment.



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

v
Privacy Settings