You'll need to sign in or create an account to connect with an expert.
in the search box type "home sale" (no quotes) a window should open up that lists home sale wks
double click on it - then enter the address and click on add form
Q. I sold my primary residence in 2020. Do I have to report that on my 2020 taxes?
A. Simple answer: No.
The capital gain on the sale of your primary home is not taxable (up to $250K). To be eligible you must have lived in and owned the home for at least 2 out of the 5 year prior to sale and not have sold another primary home in the last 2 years.
You do not even need to report it on your tax return, unless you got a tax document, usually a 1099-S. The 1099-S may have been included in your closing documents, instead of arriving in the mail, in Jan. or Feb. of the following year.
If you did get a 1099-S, TurboTax can handle the capital gain exclusion. Enter as described, in the other reply.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
samfishfunk
New Member
futurestrader39
Level 3
acald11
New Member
Tdenice
New Member
awbaldi
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.