Reporting capital gains from real estate sale

[mep8312]

How do I report capital gains from real estate sale

[GeorgeM777]

That depends on how you characterize the real estate.  For example, was the real estate an investment property.  If yes, then the capital gains get reported in the Investments and Savings section of TurboTax online or Investment Income section, TurboTax CD/download.  If the real estate was part of a business, then its sale is reported as the sale of business property under Other Business Situations, TurboTax online.  In TurboTax CD/download, the sale of business property is reported in the Less Common Business Situations category all of which is under Business Income and Expenses.  

How do you characterize your real estate?  Investment property or property used in a trade or business, such as a rental property.

@mep8312 

[mep8312]

Thanks for your quick response. The property was my primary residence for more than 2 years and I had gains in excess of 500k. Do I need to make an estimated payment ahead of the 2023 return and if do what is the timeframe for a payment? 

[PattiF]

If you sold your house in 2023 between January 1 and March 31, you should make a payment for the first quarterly estimated payment that is due on April 18, 2023. 

Please see this chart from NASDAQ about income received dates and date of payment:

 Please see this TurboTax Help article about calculating estimated tax payments.

[Mike9241]

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[DominicT]

This was vacation property. Two sales, one for loss and 1 for gain. Can i subtract loss from gain?

[MarilynG1]

Report both property sales.  The net gain/loss will then be calculated and reported on your tax return, on Schedule D.

Here's How to Enter Investment Property Sales in TurboTax.

@DominicT