If you sell your main home during the tax year, you should report the gain or loss on the return. You may qualify to exclude all or a portion of the gain on the sale of your main home. Complete the information required and the program will calculate the taxable portion for you.
The Sale of Main Home Worksheet can be found by going to:
- Federal
- Income (select my forms)
- Investments
- Sale of Main Home Worksheet
If the sale is not for your main home, report it as follows:
Rental Property is considered Business Property and is reported on Form 4797. You can find Form 4797 by going to:
- Federal
- Income (select my forms)
- Less Common Income
- Sale of Business Property 4797
Inherited property that was not used as your main home or converted to business use is reported as a Capital Gain. To report within the program, go to:
- Federal
- Income (select my forms)
- Investments (Capital gains and losses reported on Schedule D)
- Stocks, Mutual Funds, Cryptocurrency, Collectibles, etc.