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It depends -
You do not need to enter or report the sale of your primary residence if:
You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See Sale of Your Home for more information on the exclusion.
Please note that if you bought and sold the same home in 2017 and do not qualify for the home gain exclusion, then you will need to report the gain on the sale of the home on your 2017 US income tax return.
If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S
It depends -
You do not need to enter or report the sale of your primary residence if:
You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See Sale of Your Home for more information on the exclusion.
Please note that if you bought and sold the same home in 2017 and do not qualify for the home gain exclusion, then you will need to report the gain on the sale of the home on your 2017 US income tax return.
If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S
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