I SOLD A PROPERTY IN FLORIDA WITH A CAPITAL GAIN OF 112,046.00 IT WAS MY PRIMARY RESIDENCE FOR OVER 6 YEARS. DO I RECORD THIS GAIN ON TAXES? IF SO ON WHAT FORM?
I SOLD A PROPERTY IN FLORIDA WITH A CAPITAL GAIN OF 112,046.00 IT WAS MY PRIMARY RESIDENCE FOR OVER 6 YEARS. DO I RECORD THIS GAIN ON TAXES? IF SO ON WHAT FORM?
if it was not your primary residence for any 2 out of 5 years ending on the date of sale, you do not qualify for the home sale exclusion so it can be reported as a sale of a second home using form 8949
if you meet the above occupancy test use the Home sale worksheet.
You may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.
You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
If you receive an informational income-reporting document such as Form 1099-S, Proceeds From Real Estate Transactions, you must report the sale of the home even if the gain from the sale is excludable. Additionally, you must report the sale of the home if you can't exclude all of your capital gain from income.
If you need to report the sale, in TurboTax Online,
Click on Search
Type in "Sale of Home" and hit Enter
Click on "Jump to sale of home"
The program will guide you through reporting the sale
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