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kerrylong1974
February 2, 2025
Question

How do I enter earnest money I received when sale of my house fell through and I got to keep the deposit

  • February 2, 2025
  • 1 reply
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    1 reply

    M
    MinhT1
    February 2, 2025

    This income must be reported as Other Reportable Income.

     

    In TurboTax Online, open your return and follow these steps:

     

    1. Click on Federal in the left-hand column, then on Wages and Income
    2. Navigate to the list of Income categories
    3. Locate the Less Common Income section and click on the arrow on the right
    4. Click Start next to Miscellaneous Income at the bottom
    5. On the next page, click Start next to Other Reportable Income
    6. Describe it as Earnest money on real estate contract
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