Skip to main content
February 3, 2024
Question

I sold the family home this past year and recieved money but i ad not lived in it since i was a teen. how will this affect me ?

  • February 3, 2024
  • 1 reply
  • 0 views
My brother recieved most of the money and dispersed my share of the money?

    1 reply

    TurboTaxSusan
    February 3, 2024

    You would report the sale of the property as capital gains.
    To do this in TurboTax Online:
    1. Select Find from the TurboTax menu
    2. In the Find window, enter capital gains
    3. Select Capital Gains and Capital Gains Deduction Profile from the results, then select Go. 
     

    Unfortunately, since you didn't live in the home, you wouldn't be able to claim the Principal Residence exception, so you'll be taxed on the sale.