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You are not required to enter closing costs. They are for your benefit and can help reduce the gain. They are found on your HUD-1 statement.
To enter your primary residence and potentially exclude all or some of your gain, see the steps below.
How (or if) you report this house sale will depend on the use of the property prior to the sale. However if you used the property for personal use, then you will not report any capital loss on this sale on your income tax return. (The IRS does not allow a capital loss on the sale of personal use property. This rule applies to the sale of a primary home/second home/inherited home that was a personal use property.)
To enter your sale of your primary residence please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S.
You are not required to enter closing costs. They are for your benefit and can help reduce the gain. They are found on your HUD-1 statement.
To enter your primary residence and potentially exclude all or some of your gain, see the steps below.
How (or if) you report this house sale will depend on the use of the property prior to the sale. However if you used the property for personal use, then you will not report any capital loss on this sale on your income tax return. (The IRS does not allow a capital loss on the sale of personal use property. This rule applies to the sale of a primary home/second home/inherited home that was a personal use property.)
To enter your sale of your primary residence please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S.
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