Will you open our taxes return? to the proper forms to report the sale

[motheraard]

Both sellers are alive and we need to know how o handle the sale of our home

[xmasbaby0 · Accepted solution]

No one has access to your tax return.

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premium software to report the 1099-S

  TO ENTER THE SALE OF YOUR PRIMARY HOME

  1. Start with Federal 
  2. Click on Wages and Income 
  3. Select Choose what I work on
  4. Scroll down to Less Common Income
  5. On Sale of Home (gain or loss), 
  6. Click the start or update button

     NOTE:   If you have ever used the home as rental property or claimed a home office, you have more information to enter