The sale of a
principal residence is generally not reported on a taxpayer's return unless the
taxpayer:
- Has a gain and does not qualify to
exclude it all.
- Has a gain and elects not to
exclude it.
- Receives a Form 1099-D for the
sale.
Gain of up
to $250,000 ($500,000 for married filing jointly) is excluded from tax.
If you wish to enter
the sale of your principal residence in TurboTax to determine if there was a
gain, please follow these steps:
- Click on Federal >
Wages & Income
- Under Less Common Income,
click on the Start/Revisit box next to Sale of Home (gain or
loss). [Screenshot #1]
- On the screen Sale of Your Main
Home click the Yes box.
- On the Sold A Home screen,
review the information you will need to enter and click Continue.
- Continue through the screens,
entering the requested information.
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