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May 12, 2021
Question

How do I list the sale of a house with only a substitute form 1099 seller statement

  • May 12, 2021
  • 1 reply
  • 0 views
only have a seller statement not a 1099 how do I list it

1 reply

RayW7
May 12, 2021

It's possible you may not need to enter the sale of your primary residence if:

  • You never used your primary residence as a rental or took home office deduction
  • You have a loss on the sale of your home (Personal capital losses are not reported on your tax return)
  • You did not receive a Form 1099-S and
  • You meet the home gain exclusion (see below)

 

You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See  Sale of Your Home for more information on the exclusion.

 

If you do need to report the sale then -

Enter sale of home in the Search box located in the upper right of the TurboTax program screen.  Click on Jump to sale of home and follow the prompts.

 

-follow this link for additional information-

Tax Aspects of Home Ownership: Selling a Home - TurboTax ...