Where in TurboTax do I enter information about the sale of my primary residence in 2023?

[dmdf]

I've answered all the questions and TurboTax thinks I'm ready to file. But I never found anyplace to report the sale of my home. I was advised to look under Federal>Deductions&Credits>YourHome but I don't see it there.

[DoninGA · Accepted solution]

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).

Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

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 Premium edition to report the sale if you are using the online editions. 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

[TomK2023]

You won't pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home (or the first $500,000 if you're Married Filing Jointly).

That income is free and clear as long as:

• You owned the home.
• It was your main home for two years or more within the five years leading up to the sale.
• You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

If you sold your main home

1. Sign in to TurboTax and select Pick up where you left off.
2. Select Search, enter sale of home, and select the Jump to link in the search results.
3. Answer Yes to Did you sell or have your home foreclosed in 2023?
4. Enter the address of the home you sold on the next screen, and Continue.
5. On the next screen, answer Yes to Did you receive a Form 1099-S that reported this sale? and enter the info from your 1099-S.
6. On the next screens, follow the on-screen instructions to continue entering the info from your 1099-S.

If that doesn't work, Try:

1. Click on Federal tab
2. then Wages & Income, and 
3. then scroll down to Sale of Home (gain or loss).
4. Click on Edit/Add to the right.

[dmdf]

Thanks for your help. This is exactly what I needed!

[dmdf]

Thanks; this was quite helpful!