I am a procrastinator and am just getting to filing my 2020 tax return. Overall, I have a very simple tax return but am not familiar with reporting the sale of my home that happened in 2020. I never did receive a 1099-S form with my closing documents when I sold that I see certain articles and the IRS Publication 523 talk about online. I fall within the category of not having a taxable gain where my wife and I lived in the home the 24 months and not having the gain be higher than $500,000. In the TurboTax 2020 downloaded software, there is a short information icon that states this:
Reporting Sale of Home on Your Return
The Internal Revenue Service suggests you not report the sale of your main home (IRS Publication 523, Selling Your Home) on your tax return unless:
- You received a form 1099-S for the sale or exchange, or
- You have a gain and you do not qualify to exclude all of it, or
- You have a gain and choose not to exclude it.
I am just confused if I even have to mention if I sold my home. From what it states above, I feel I don't even have to say I sold my home but would like to have someone that knows more than I do to confirm this is the case and don't have to report it. Can anyone help me out?
Thank you in advance!
From the IRS:
You do not have to report the sale because you did not receive a 1099-S or a capital gain from the sale.