Sold home in 2022 with no 1099-S

[dyscalculiac]

Hi folks. My spouse and I sold our home in 2022 and are a bit stuck on our joint return because of it. We lived in the home for over three years as our primary residence, made a profit of well below the $500k exclusion for married-filing-jointly, and did not receive a 1099-S. I've seen some sources stating that under these circumstances, we may not need to report the sale on TurboTax, buuuuuut I have terrible anxiety and want to verify that this is accurate and not, y'know, tax evasion. 😅

I did initially try to report the sale of the home, but I kept getting tripped up on the section where you're asked to enter sales expenses. I thought I was entering the information correctly using our Master Settlement Statement (excluding mortgage loan payoffs and property taxes), but doing that results in TurboTax claiming I owe quite a bit of money to the IRS and the state, despite meeting the exclusion qualifications. I don't know if that means I'm entering the information incorrectly, I haven't progressed far enough in the process to get an accurate report of what I may or may not owe, or I really do owe a chunk of change. 

Any insight would be much appreciated. Thank you!

[SharonD007 · Accepted solution]

If you didn’t receive a Form 1099-S and qualify to exclude the gain, you are not required to enter the sale on your tax return. If you meet the ownership and use tests (you owned and lived in it as your main home for two of the last five years) and your gain in under $500,000 and you are filing MFJ, you do not need to report the gain.

Please review the TurboTax article Tax Aspects of Home Ownership: Selling a Home for more information.

[dyscalculiac]

It's reassuring to hear that I haven't been interpreting that information the wrong way.  I appreciate you taking the time to answer. Thank you very much!