If the gains on the primary personal residence that was sold was less then the exclusion amounts, or sold at a loss, then you do not have to report the sale. Assuming that you lived in and owed the home for at least two years in the 5 year period prior to the date of the sale. However, if you received a Form 1099-S for the sale, then the sale has to be reported on your tax return (gain or loss) but there would be no capital gains taxes owed.
If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).
If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.
If i received a 1099-S for the sale of my home.. assuming because I lived there less than 2 years. But i actually took a 10k loss on the sale of my home. do i need to still buy the turbo tax premier?
Yes, if you received a 1099-S form then you will need to enter the form and sale details on your return. The IRS will also receive a copy of that form and will be looking for it on your return.
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