Sold house for 150K profit after 25 years. Does it even get reported on tax return?

[bobhutsler]

When I entered data, Turbo tax said don't report it. In review, Turbo tax says report it to document the sale for later. Which is recommended. No tax due either way, right?

[MargaretL]

No, it doesn't necessarily get reported on your tax return. The sale of your home is reported only if you have taxable gain or received Form 1099-S. 

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the sale on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

1. Wages and Income
2. Select Less Common Income
3. Select Sale of Home