how to I enter the info from selling a house?

Was it your house you lived in or a second home or investment property?

To enter the Sale of a Home select the following:

1. Federal
2. Income
3. Sale of Home under Less Common Income

 If you owned and lived in the home for 2 out of the last 5 years, then you may qualify for the home sale exclusion which would exclude up to $250k ($500k if married filing jointly) of the sale of your home.  In order to qualify you must not have used the home sale exclusion in the past 2 years. 

If it was not your primary home, you will enter it by doing the following:

1. Federal
2. Income
3. Show More next to Investment Income
4. Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
5. Select Other
6. Continue through and select second home for the type of investment
7. Answer how you obtained it
8. You will need to enter the selling price, dates and the cost basis of the home

If you do not qualify for the home sale exclusion or if this was not your primary home, this will be a capital gains transaction if you held the property for more than 12 months so  your tax rate would be between 0% and 20% depending on your total income. The capital gains rates for 2024 are as follows:

• Zero percent rate for the following income
  • $47.025 for single or MFS
  • $63,000 for HOH
  • $94,050 for Married Filing Jointly
• Fifteen percent for income more than above but less than below
  • $291,850 for MFS
  • $518,900 for Single
  • $551,350 for Head of Household
  • $583,750 for Married Filing Jointly

The rest of your income, other than the capital gains income, will be taxed at your ordinary tax rate.