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You'll need documents reporting the sale include the closing statement (HUD-1) or a 1099-S, contact the real estate seller for more information. However, you may not need to pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you are within these parameters, it'll be a very easy entry.
That income is free and clear as long as:
Follow these steps:
Open (continue) your return in TurboTax. If you’re not sure you’re in your return, select the Take me to my return button.
You'll need documents reporting the sale include the closing statement (HUD-1) or a 1099-S, contact the real estate seller for more information. However, you may not need to pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you are within these parameters, it'll be a very easy entry.
That income is free and clear as long as:
Follow these steps:
Open (continue) your return in TurboTax. If you’re not sure you’re in your return, select the Take me to my return button.
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