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Visitor II

Home Sale - Capital Gain and Taxes

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TurboTax Specialist

Home Sale - Capital Gain and Taxes

You are correct in that the total gain will show up under the Personal Income tab. The Personal Income tab is just a display of reportable items. Reportable amounts does not mean taxable amounts.

 

Tthe taxable gain of $250k will flow to line 13 of your 1040. The sale and the exclusion amounts are reported on Schedule D. You can verify this in Forms mode if you are using a desktop version. If using an online version, you can preview the 1040 under Tax Tools, Tools, View my tax Summary, then preview the 1040 (from black panel).