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.
If the sale is not for your main home, report it as follows:
- Rental Property is considered Business Property and is reported on From 4797 Federal Section > Income (Select My Forms) > Less Common Income > Sale of Business Property)
- Inherited property that was not used as your main home or converted to business use is reported as a Capital Gain Federal Section > Income (Select My Forms) > Capital Gain or Loss Schedule D > Capital Gains and Loss Items)