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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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From: Elroy3/10/2020 10:43:21 PM
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We sold our Philippines condo in 2019. I file jointly with my wife.

Is it correct if the capital gain on the sale was less than $500,000, then we do not even need to report the sale on Turbo Tax?

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I see this when I google the question

If you sold your primary personal primary residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. Any of the tax year 2015 desktop CD/Download editions can be used to report the sale. You will need the TurboTax Premier or Home and Business online edition to report the sale. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)

Click on Federal Taxes (Personal using Home and Business)Click on Wages and Income (Personal Income using Home and Business)Click on I'll choose what I work onScroll down to Less Common IncomeOn Sale of Home (gain or loss), click the start or update button
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