tccpg289
Level 4
03-03-2022
08:29 PM
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Taxpayer received a 1099-S for their primary residence.
Have lived in the property for 2/5 years, and file jointly.
In ProSeries, I entered it on the home sale worksheet.
A schedule D AND an 8949 are being generated from ProSeries, and while the exclusion is being applied and there is no tax on the gain, is this approach the correct method? Should I have both a Sch D and 8949?
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dascpa
Level 12
03-03-2022
08:55 PM
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You did it correctly as long as i shows no gain.
jeffmcpa2010
Level 11
03-03-2022
08:56 PM
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Yup. You got it right. Basically the goal of filling out the worksheet is to report the sale to the IRS and let them know that the exclusion applies.
