You have to amend the 2018 tax return that was filed to add the sale of a primary home if you received a Form 1099-S for the sale.
When amending the 2018 tax return you enter the sale of your primary home, not an investment sale. When you enter the information for the sale you will be asked if you received a Form 1099-S or you will be asked if you want to report the sale on your tax return, for either question answer YES. The TurboTax program will complete a Schedule D and a Form 8949 for the sale. There will be no taxes owed on the sale if your gains were within the exclusion amounts.
If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).
If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. Make sure that you indicate that you want the sale of the home reported on your tax return.
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Less Common Income
- On Sale of Home (gain or loss), click the start or update button
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
