Sale of Home / $100k gain

[angelajo]

In January of 2024 I sold the home I lived in for 6+ years.  I made ~$100k gain.  I have a settlement statement that shows the $100k gain but no other forms.  I see that I should enter the sale of a home in schedule D but it does not appear that I have a schedule D or can I figure out where else to add this information.  Do I have to add it or is it a non-event because it is under $250k?  

[SharonD007]

You may not have to add your home sale or pay taxes on the profits from your home sale if you meet certain conditions.

The three tests that you must meet are:

1. Ownership - You must have owned your home for at least two of the five years before you sell your home.
2. Use - You must have used your home as a personal residence for at least two of the five years prior to the date that you sell your home.
3. Timing - You can't exclude the gain of another principal residence that you sold within two years of the current sale.

If you meet these requirements,  you don't have to pay taxes on the first $250,000 (500,000 if you are married and file a joint tax return). If your profit is more than $250,000 ($500,000 if MFJ) then, the excess is reported on Schedule D as a capital gain.

For additional information, refer to the TurboTax article Tax Aspects of Home Ownership: Selling a Home and the IRS article Topic no. 701, Sale of your home.

If you don't meet the conditions and have to report your home sale, refer to the TurboTax Help article Where do I enter Form 1099-S?. You can enter your home sale without Form 1099-S.