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hoodoosmt
New Member

Where do i enter sale of a home?

i sold a home in 2015 and bought a home to replace it.  i entered the deductible points on the new home but didn't see any place to enter the gain on the sale of the new home
1 Best answer

Accepted Solutions
DoninGA
Level 15

Where do i enter sale of a home?

If you sold your primary personal primary 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 and owned 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.  You will need the online TurboTax Premier or Home and Business edition to report the sale.   Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

  • 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
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

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2 Replies
DoninGA
Level 15

Where do i enter sale of a home?

If you sold your primary personal primary 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 and owned 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.  You will need the online TurboTax Premier or Home and Business edition to report the sale.   Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

  • 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
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button
moorefamily6
Level 1

Where do i enter sale of a home?

I completely agree with DoninGA.  One addition, if the exclusion amount is under $250,000 ($500,000 MFJ) and you received a 1099-S, you need to report the sale, as stated by DoninGA.  Be certain, though that TurboTax reports $0 gain or loss on the sale.  You can not claim either a gain or loss.
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