If your home was your personal residence, then you don't have to pay tax on it unless your profit was more than $250,000 ($500,000 if filing married filing jointly). If you received more than that,
1. Click Federal
on the left-hand side menu.
2. Click Income
across the top.
3. Scroll down to Less Common Income and click Show
more.
4. Click Start
or Revisit by Sale of Home (gain or loss).
If your home was a rental home that you made rental income from, that gets reported on a Form 4797, and then gets carried over to Schedule D. To enter it in Turbo Tax,
1. Click Federal
on the left-hand side menu.
2. Click Income
& Expenses across the top.
3. Scroll down to Other Business Situations and click Show more.
4. Click Start
or Revisit by Sale of Business Property.
If you already have it set up as an asset in Turbo Tax as a rental asset, you can dispose of it in the Rental section. This will recapture and properly tax any prior depreciation.
Report your owner-financing interest received on Schedule B:
1. Click Federal on the left-hand side menu.
2. Click Income across the top.
3. Scroll down to Interest and Dividends and click Show more.
4.
Click Start or Revisit by
Interest
from Seller-Financed Loans.
