Sale of Home with Home Office

[user17705731199]

In TurboTax Home & Business, in the sale of our home which had a home office the app says that there is a taxable gain of $xx on the home office depreciation that we took but this value never shows up in the list of income on the 1040; why does it not show up?  The system also insists that the box for Installment Income be checked, which I did not do as this is not an installment sale.  Please explain what I should do for both (1) the taxable gain statement that does not show up in the list of income and (2) the installment box checkmark.

Many thanks,

SamB

[PatriciaV · Accepted solution]

The taxable gain from the sale of your home flows from the Home Sale Worksheet to Schedule D Line 19 then to Form 1040 Line 7a. You may wish to review these pages of your return to see if you had adjustments that eliminated the gain.

The installment sale question appears at the end of the Home Sale interview. Work through the steps until you see Exclusion of gain. The next page asks if you plan to sell another home in the future, and the next asks about an Installment sale, where you can check the "no" box.