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I sold our home in Aug of 2020. We occupied the home for 6 yrs. The agent said I would not need to pay capital gains tax. Do I need to report the sale anywhere else?

Forum|Forum|4 years ago
October 14, 2021
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TurboTax Live Self Employed

Best answer by Critter-3

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)***

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

Critter-3Answer

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)***

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

O

Opus 17

Employee

You can exclude the first $250,000 or $500,000 of capital gains depending on the overall situation (who lived there, are you married, separated, etc). You don’t give us enough details to know for sure.

Your gain is the difference between the purchase price and selling price (after some adjustments) and may not be the same as your cash proceeds.

If your gain is more than your exclusion amount, or if you got a 1099-S at the closing, you must report the sale. If your gain is less than your exclusion amount and you did not get a 1099, you don’t have to report the sale. If you report the sale in TurboTax, the program will know whether or not to include it on your final return.