Capital gains exclution

[hntsl19]

I am a widow, meeting all the exclusion criteria for capital gains.

I sold the marital home in 2024 and received a 1099S, but, based on the exclusion criteria I don't have to claim the gain as income.

What form(s) do I need to file to advise the IRS that the gain is excluded as income?

Thank you

[SabrinaD2]

To report the sale of your marital home and exclude the capital gain from your income, you'll need to file a few forms with the IRS:

1. Form 8949: This form is used to report the sale and other dispositions of capital assets. 
2. Schedule D (Form 1040): This form is used to report capital gains and losses. You'll use it to summarize the information from Form 8949.
3. You can exclude up to $500,000 of the gain if you meet the criteria as a surviving spouse.

To do this using TurboTax, follow these steps:

Option #1 - Quick Entry:

1. Open or continue your return. Be sure you are logged in for links to work
2. Navigate to the sale of home section:
   • TurboTax Online/Mobile: Go to sale of home.
3. Follow the onscreen instructions.

Option #2 - step-by-step:

1. Log in to TurboTax and start or continue your tax return.
2. Go to the "Federal" tab and select "Income."
3. Scroll down to "Add Income"
4. Scroll to "Less Common Income" and select on "Home Sale (gain or loss)." Follow the prompts to enter your home sale details.
5. Go back to Income Tab and select Sale of Home (gain or loss)
6. Enter 1099-S Information: Input the information from your Form 1099-S, including sale price, purchase price, and any improvements.
7. Indicate Exclusion: Confirm you qualify for the home sale exclusion. TurboTax will help you determine if you can exclude up to $500,000 of the gain as a surviving spouse.
8. Review and File: Review your entries, complete the rest of your return, and file it.

For more detailed instructions, you can refer to TurboTax's help articles on excluding capital gains from a home sale