Sale of Home, Real Estate on a Tax Return
In case you received Form 1099-S as the result of the sale of your home, report the transaction on your tax return as outline below. The profit from the sale of your home may be taxable.
Steps to Report a Home Sale on Your Tax Return
C: Federal Taxes -> Income
Step 2: Click on
Federal Taxes on the left menu and then
Income -
see more details on entering your income.
Step 3: Scroll through the right side page to the
Investment section and click on the link
Tell us about your investments.Answer
Yes to any applicable questions - you will be asked if you sold your home towards the end of the questions.
Answer
Yes if applicable or
No to move on.
Answer
Yes if applicable or
No to move on.
Answer
Yes if applicable or
No to move on.
Select
Add this information.
D: Home Sale
Entry Screen
Step 4: Enter your home sale information here. Have your original
home purchasing date and
home sales price. Tip: Check the HUD statement for this transaction. The selling price of your home for this transaction is in Box 2 on Form 1099-S - see above.
At this point, add all applicable information and leave empty any questions or inputs that do not apply to your situation. Select Save when you are finished; you can always return to this under the Investments section or you can see all the forms you filled out under Federal Taxes > Review.
For further questions, clarification, or help, contact us here with the email address connected to your account so we can assist you. Or, review more helpful resources:
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