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We bought a home in 2008 for 139,900 & sold it for 197,900 in 2016. When I put the info it lowers the refund. We lived there 8 yrs. I thought you had $500,000 to go up to

Forum|Forum|7 years ago
June 5, 2019
2 replies
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Shouldn't I be exempt from paying tax on the sale of this house since it made very little profit after fees, etc. I thought when married filing jointly you had a $500,000 exempt on paying taxes.

TurboTax Premier Online

Best answer by fanfare

@dlhoward601 First, since you got $197000 total your sale , your gain, whatever it is , must be totally ineligible.

If all your gain is ineligible and you did not get 1099-S, you don't have to report this sale at all.

So just skip all of that section.

Delete anything you entered already.

fanfareAnswer

Employee

@dlhoward601 First, since you got $197000 total your sale , your gain, whatever it is , must be totally ineligible.

If all your gain is ineligible and you did not get 1099-S, you don't have to report this sale at all.

So just skip all of that section.

Delete anything you entered already.

N

NicoleU

Employee

If this was your primary residence or main home, you will need to do the following in TurboTax:

Federal Taxes
Wages & Income
Less Common Income
Sale of Home (gain or loss)
Sold A Home, click Continue
Address of the Home You Sold, click Continue
Sales Information, click Continue
Tell Us About the Purchase of Your Home
Time You Lived In Your Home
Did You Use This Home for Anything Other Than Your Primary Home?
Another Home Sale
Depreciation After May 6, 1997
Exclusion of Gain (if you meet the requirements)
Include Sale of Home in Return, please check the box, Include my sale on my return, if you received a Form 1099-S.

D

dlhoward601Author

I was wondering if I even need to put it on turbotax if I made under $500,000 gains under married filing jointly. I read where I don't even have to bother with it. Only made about $30k profit on the property. When I put it in turbotax it is coming up not exempt and charging me tax so I must be doing something wrong. But from looking online I don't even need to put it in because it made so little profit.