Sale of home

[Bsch4477]

Question?

[Mike9241]

we are not clairvoyant? what's your question(s) 

[Hal_Al]

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Less Common Income

     - Sale of Home

Follow the interview.  If you are eligible for the home sale capital gain exclusion, TurboTax (TT) will handle it on form 8949/Schedule D.

If you did not receive a form 1099-S and you know that you qualify for the home sale capital gain exclusion, you do not need to report the sale on your tax return. 

The capital gain on the sale of your primary home is not taxable (up to $250K, $500K married). To be eligible you must have lived in and owned the home for at least 2 out of the 5 year prior to sale. 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.

https://www.irs.gov/taxtopics/tc701