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garypool1952
New Member

I sold my home 8/2017 purchased in 8/2015. The home for 210,000 and sold for 320,000. We meet all gain exclusions yet TurboTax says I owe a capital gains.

 
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kerriP
Level 1

I sold my home 8/2017 purchased in 8/2015. The home for 210,000 and sold for 320,000. We meet all gain exclusions yet TurboTax says I owe a capital gains.

You You should report the sale of your home on your Federal return, even if the gain qualifies   to be excluded. You should do this to document, to the IRS, that you do qualify for the exclusion.  Some states have different rules and from your question I can not tell if you owe Capital Gains for  your State or for Federal.  However, lets make sure you put the sale in the correct place in Turbo Tax, so it is identified as a sale of a personal residence.  

The menu path for entering this in TurboTax is as follows:

  1. Federal Taxes
  2. Wages & Income
  3. Less Common Income
  4. Sale of Home (gain or loss)

Go back through all the questions an double check your answers.  I hope this works!

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1 Reply
kerriP
Level 1

I sold my home 8/2017 purchased in 8/2015. The home for 210,000 and sold for 320,000. We meet all gain exclusions yet TurboTax says I owe a capital gains.

You You should report the sale of your home on your Federal return, even if the gain qualifies   to be excluded. You should do this to document, to the IRS, that you do qualify for the exclusion.  Some states have different rules and from your question I can not tell if you owe Capital Gains for  your State or for Federal.  However, lets make sure you put the sale in the correct place in Turbo Tax, so it is identified as a sale of a personal residence.  

The menu path for entering this in TurboTax is as follows:

  1. Federal Taxes
  2. Wages & Income
  3. Less Common Income
  4. Sale of Home (gain or loss)

Go back through all the questions an double check your answers.  I hope this works!

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