If you are able to exclude the gain and did not get a 1099-S, you may not have to include it in the return.
Does Your Home Sale Qualify for Maximum Exclusion
The tax code recognizes the importance
of home ownership by providing certain tax breaks when you sell your home. To
qualify for these breaks, your home must meet the Eligibility Test , which is explained later.
How your sale qualifies. Your
sale qualifies for exclusion of $250,000 gain ($500,000 if married filing
jointly) if all of the following requirements are met.
- You owned the home and used it as your main home during
at least 2 of the last 5 years before the date of sale.
- You didn’t acquire the home through a like-kind
exchange (also known as a 1031 exchange), during the past 5 years.
- You didn’t claim any exclusion for the sale of a home
that occurred during a 2-year period ending on the date of the sale of the
home, the gain from which you now want to exclude.
If
you still need to enter your sale of your primary residence (which may require
an upgrade in TurboTax), please follow these steps:
- 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)
- 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
