Selling main house

[Donnap]

I sold my house and did not receive a 1099-S. I only have the HUD-1 Settlement Statement. Turbo is asking for info from the 1099-S

[AlanT222]

If you sold your main you may not have to report it on your return.

You do not pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you file jointly, you do not pay taxes on the first $500,000.

That income is free and clear as long as:

• You owned the home.
• It was your main home for two years or more within the five years leading up to the sale.
• You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

If all of the conditions apply, you do not have to report the sale on your income tax return.  

[Anonymous]

for the $500K exclusion either can own for the 2 out of 5 years but both must have occupied it 2 out 5 years and neither spouse could have excluded a gain on sale of their home in the last 2 years.