Question

Where to report home sale

Forum|Forum|3 years ago
December 11, 2022
2 replies
0 views

I sold my primary residence this year and I wonder where I can report the sale in 2022 Turbotax Home & Business. I guess it is part of "Less common income" but I'm having hard time finding it.

TurboTax Home & Biz Windows

DoninGA

Employee

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.

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

M

Mike9241

if it was never a rental type "home sale" no quotes in the jump to box

or in step mode it's under less common items sale of home

Carl11_2

Employee

Under the Income tab, it's in the "more common income" or "less common income" section, and is titled "Sale of Home (Gain or Loss)"

As an addendum to the above information, if you received a 1099-S reporting proceeds from the sale, then you are required to report the sale, no matter what.

W

wertyAuthor

Thank you for the help, Carl. I found it. I stepped through the screens and see where I can put deductions for home additions and permanent improvement. I heard that the cost of staging home for sale is also deductible, if so, where can I enter it?

Below turbo tax article says it searches over 350 deductions and credits, is it possible to see what they are?

Video: Tax Deductions When Buying or Selling a Home - TurboTax Tax Tips & Videos (intuit.com)