Question

Sold home in 2021. It had 3 owners. Myself and my parents. It was my primary residence not theirs. Do I report the full sale price

Forum|Forum|4 years ago
March 5, 2022
1 reply
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Yes, if you are using TurboTax Online, the entire sale price of your principal residence should be reported on your tax return. If your home was your principal residence the entire time you owned it, any profit you make from the sale is still exempt from capital gains.

However, if you are using TurboTax CD/Download, you will have to calculate your portion of the sales price, and only enter that.

For more information please see our TurboTax article. Reporting the Sale of Your Principal Residence

Thank you for choosing TurboTax.

C

chillyk61Author

Thank you for your reply. I have to do the tax return for all three parties - myself and both my parents. I lived in the home that was sold but they did not. You indicated that I have to report the entire amount of the sale of the home on my tax return as the sale of principle residence. However, I do not know how to report the sale of the home for my parents as it was NOT their principle residence. I am using TurboTax Deluxe Online

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chillyk61Author

If I complete Capital Gains for my parents in TurboTax Online. Do I have them report 2/3 of the amount or 100% of it? If 2/3 do I report 1/3 on each of their returns or input the 2/3 amount. If you could give me details please