Question

Home sale

Forum|Forum|2 years ago
October 25, 2023
1 reply
0 views

I live in a home that I purchased in November 2022.

My previous home is for sale and currently under contract.

Do I have to claim the proceeds from this home on 2023 taxes?

@jdavisrn Thanks for the question!!

Yes you have to enter the Sale of Home on your 2023 return. Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. TurboTax will ask you some questions about the sale of your home to see if you qualify. You may receive a 1099-S for the sale.

Where do I enter Form 1099-S?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"