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Purchasing a new house has nothing to do with paying tax on the sale of the old house. That provision was removed from the tax law 20 years ago. And you do not report the purchase of a house on your tax return.
If you don't owe tax on the sale, receiving the Form 1099-S will not make you owe tax, but you have to report the sale on your 2016 tax return. When you enter the information about the sale, and answer all the questions in TurboTax, it should not result in any tax if you are correct that you do not owe tax on the sale.
Purchasing a new house has nothing to do with paying tax on the sale of the old house. That provision was removed from the tax law 20 years ago. And you do not report the purchase of a house on your tax return.
If you don't owe tax on the sale, receiving the Form 1099-S will not make you owe tax, but you have to report the sale on your 2016 tax return. When you enter the information about the sale, and answer all the questions in TurboTax, it should not result in any tax if you are correct that you do not owe tax on the sale.
If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)
Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home
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