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smwreno
New Member

Why does Turbo Tax ask for sales info of a home, and then state that unless you got a 1099-S you shouldn't put that info in your tax return?

 
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1 Reply
Coleen3
Intuit Alumni

Why does Turbo Tax ask for sales info of a home, and then state that unless you got a 1099-S you shouldn't put that info in your tax return?

TurboTax asks for sales info, because that is only one of the circumtances that require you to report the sale. Until you enter it, you don't know if you are required to report it or not. There are several circumstances that require you to enter the sale.

Determine whether you need to report the gain from your home.   You need to report the gain if ANY of the following is true.

  • You have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and don’t qualify to exclude.
  • You received a Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
  • You wish to report your gain as a taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.

  If NONE of the three bullets above is true, you don’t need to report your home sale on your tax return.


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