Sale of Home, Real Estate on a Tax Return

In case you received Form 1099-S as the result of the sale of your home, report the transaction on your tax return as outlined below. The profit from the sale of your home may be taxable.

Steps to Report a Home Sale on Your Tax Return


Step

Description
A: Form 1099-S and
Sale Expenses

Have your Form 1099-S and associated home sale expenses ready - see the sample below.

My Account

B: Sign in to eFile.com

Step 1: Sign in to eFile.com or sign up if you do not already have an account.

C: Federal Taxes -> Income
Step 2: Click on Federal Taxes on the left menu and then Income - see more details on entering your income.
Step 3: Scroll through the right side page to the Investment section and click on the link Tell us about your investments.
Answer Yes to any applicable questions - you will be asked if you sold your home towards the end of the questions.

Home Sale


Answer Yes if applicable or No to move on.

Home Sale


Answer Yes if applicable or No to move on.

Home Sale


Answer Yes if applicable or No to move on.

Home Sale


Select Add this information.

Home Sale

D: Home Sale
Entry Screen
Step 4: Enter your home sale information here. Have your original home purchasing date and home sales price. Tip: Check the HUD statement for this transaction. The selling price of your home for this transaction is in Box 2 on Form 1099-S - see above.

My Account

At this point, add all applicable information and leave empty any questions or inputs that do not apply to your situation. Select Save when you are finished; you can always return to this under the Investments section, or you can see all the forms you filled out under Federal Taxes > Review.

For further questions, clarification, or help, contact us here with the email address connected to your account so we can assist you. Or, review more helpful resources:

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