Why is qualified home sale exclusion reported as taxable income bought in 2004 @350K, sold in 2023 @625K Cost of sale $29K adj. cost $375K TT: $221K taxable income?

[king2434]

Sold primary home in NJ and moved to MD in October 2023.

Really appreciate any help.

[AmyC]

Since the entire amount is showing as taxable, either you didn't answer something correctly or you used the house for more than your main home. Perhaps you depreciated your home with a business or rental along the way? Otherwise, you need to review your answers. If you did not receive a 1099-S, you don't have to report it at all - if there really is no gain.