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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Gain on Sale from Primary Residence - How to Exclude
Gain on Sale from Primary Residence - How to Exclude
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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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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.
