Question

Deduction

Where do I enter deductions for selling a home? I understand I can deduct, selling costs, home improvements/repairs and real estate commissions.

To report the sale of your personal home in TurboTax, follow these steps:

From the left menu, select Federal.
This will open your return to the Wages & Income tab. Scroll down to Less Common Income and Show More.
Scroll to Sale of Home (gain or loss) and Start to complete the interview.

When selling a primary personal residence, keep in mind:

The expenses are added to the cost basis before calculating the gain or loss based on the sales price, usually captured on Form 1099-S.
If you lived in the home for two out of the last five years, you may be able to exclude any gain up to $250,000, $500,000 for married filing jointly.
If a portion of your home was used for business or rented out, then the calculation may be more complex.
- TurboTax will ask questions to capture those details.

If instead, this is the sale of a rental property, any gain or loss is taxed differently.