According to the IRS, you may not need to report the sale of your main home. Reporting is required only if either of the following is true:
You cannot exclude all the gain.
You received Form 1099-S for the sale.
If you are required to report the sale, follow the steps below.
Excluding Gain on the Sale of Your Home
Most taxpayers can exclude up to $250,000 of gain ($500,000 for married filing jointly) if they meet the ownership and use test and have not claimed an exclusion for another home sold in the last 2 years.
You may qualify for a reduced exclusion in some circumstances. See Publication 523 for details.
Online
Dashboard
From within your TaxAct return, click Income.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Explore More drop-down.
Click Add beside Sale of Home.
Complete the rest of the interview process.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Investment Income drop-down, click the Gain or loss on the sale of investments drop-down, then click Sale of your main home (Form 1099-S).
Continue with the interview process to enter your information.
Desktop
From within your TaxAct return, click Federal.
Click the Investment Income drop-down, click the Gain or loss on the sale of investments drop-down, then click Sale of your main home (Form 1099-S).
Continue with the interview process to enter your information.
Your request has been submitted
You have been successfully added to the TaxAct Do Not Sell list.