Do I need to report the home sell in the tax return, if gain exclusion applies?

Forum|Forum|2 years ago
April 10, 2024
1 reply
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Hi there,

I lived in my previous home from 2018 to 2022, and sold it in 2023. The gain exclusion applied when I signed the selling agreement, and I never received a 1099-s. Do I need to report it in the tax return? I cannot find a place in the turbotax online to do that.

Thank you!

TurboTax Deluxe Online

Best answer by SharonD007

You don't have to report the gain from your home sale if all of the following apply:

Your gain from the sale was less than $250,000 ($500,000 if Married Filing Jointly)
You owned and occupied the home for at least 2 of the last five years
You haven't used the exclusion in the last 2 years.

Refer to the TurboTax article Tax Aspects of Home Ownership: Selling a Home.

SharonD007Answer

You don't have to report the gain from your home sale if all of the following apply:

Your gain from the sale was less than $250,000 ($500,000 if Married Filing Jointly)
You owned and occupied the home for at least 2 of the last five years
You haven't used the exclusion in the last 2 years.

Refer to the TurboTax article Tax Aspects of Home Ownership: Selling a Home.

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