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Level 5
April 18, 2023
Question

Entering Partial Gain of Home Sale to Ensure Exclusion Captured Properly

  • April 18, 2023
  • 2 replies
  • 14 views

Taxpayer lived in a home for 6 years, rented it out for 2 years, and then moved back into the home.

I am curious of the proper way to enter the home sale figures in the software to ensure they are taxed properly. It will be a partial exclusion based on the total time they lived there.

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2 replies

Level 6
April 18, 2023

There is a Home Sale Worksheet in the software that can help step you through the process of calculating the exclusion allowed in various scenarios.  There is a quickzoom to the worksheet on the Schedule D form for Capital Gains and Losses. 

Just-Lisa-Now-
Intuit Community Champion
April 18, 2023

You can link the rental asset to the HomeSale worksheet in the Disposal section of the Asset Entry worksheet.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪