I received 1099-S for sale of my home in June 2020. Sale was $272,000. Should I fill out form 8949. Do I also need Schedule D ?

[rjs]

When you enter the information about the sale of your home in TurboTax, TurboTax will fill out Form 8949 and Schedule D for you. To enter the sale of your main home, in the Search box type "sale of home" (without the quotes). Then click the link that says "Jump to sale of home."

[HelenC12]

If you received form 1099-S, yes, enter the sale on your tax return. TurboTax will automatically create form 8949 and transfer the information to Schedule D.

You may get a 1099-S if you sold your home, a rental property, stock in a co-op or any other real estate, including land, permanent structures, or standing timber on your land.

Sale of your main home

If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:

1. Open or continue your return.
2. Type sale of home in the Search box.
3. Select the Jump to link in the search results.
4. Follow the screens to enter the info from your 1099-S.

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.

Other real estate sales

If your 1099-S wasn’t for the sale of your main home, select the option below for step-by-step instructions:

• Sale of a second home, an inherited home, or land
• Sale of a rental property
• Sale of standing timber

Related Information:

• Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?
• I sold my rental property. How do I report that?
• Where do I enter income from a timber sale?

[Opus 17]

You may not owe any tax if this was your main home that you owned and lived in for at least 2 years.  But because you received a 1099-S, you must report it on your return.  Otherwise, the IRS will automatically assume it was taxable and send you a bill.