Solved: We sold our home for $249.900 in 2016 but did not purchase a home until 2017. We lived in a hotel for 6.5 months. Do we have to select the sold a home option?
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We sold our home for $249.900 in 2016 but did not purchase a home until 2017. We lived in a hotel for 6.5 months. Do we have to select the sold a home option?

 
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We sold our home for $249.900 in 2016 but did not purchase a home until 2017. We lived in a hotel for 6.5 months. Do we have to select the sold a home option?

Yes, you would still need to report the sale of the home. 

To enter the sale of a home in the TurboTax online program:

 

  • After sign in, select Pick up where you left off
  • In the Search box, at the right upper corner, type in sale of home, then press Enter
  • Select Jump to sale of home
  • On-screen, Sale of Your Main Home screen, select Yes
  • On the Sold a Home screen, click Continue to enter your information 

 

You need to report the gain if ANY of the following is true.

·         You have a taxable gain on your home sale and don’t qualify to exclude the gain.  See Gain exclusion

·         You received a Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.

·         You wish to report your gain as a taxable gain even though some or all of it is eligible for the exclusion

 

 

 

 

 

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Level 2

We sold our home for $249.900 in 2016 but did not purchase a home until 2017. We lived in a hotel for 6.5 months. Do we have to select the sold a home option?

Yes, you would still need to report the sale of the home. 

To enter the sale of a home in the TurboTax online program:

 

  • After sign in, select Pick up where you left off
  • In the Search box, at the right upper corner, type in sale of home, then press Enter
  • Select Jump to sale of home
  • On-screen, Sale of Your Main Home screen, select Yes
  • On the Sold a Home screen, click Continue to enter your information 

 

You need to report the gain if ANY of the following is true.

·         You have a taxable gain on your home sale and don’t qualify to exclude the gain.  See Gain exclusion

·         You received a Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.

·         You wish to report your gain as a taxable gain even though some or all of it is eligible for the exclusion

 

 

 

 

 

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