You'll need to sign in or create an account to connect with an expert.
It depends if you have a gain on the sale that is more than the exclusion or if you received a Form 1099-S for the sale.
If using the TurboTax online editions you would need the Premium edition to report the sale.
https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/
https://turbotax.intuit.com/personal-taxes/online/premium/
If using the TurboTax desktop CD/Download editions then any edition can be used.
https://turbotax.intuit.com/personal-taxes/cd-download/
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
luol2016
Returning Member
daydreamer
Level 1
useruc2vwy6m90rk
New Member
sredwine88
New Member
pogainis
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.