A taxpayer typically owns only one primary residence or main home at a time, and if they sell that home they may be able to exclude a portion of the capital gain from tax. The exclusion is calculated on the Sale of Main Home Worksheet. Click here for more information about completing the worksheet in TaxSlayer Pro.
If they own and reside in more than one residence, they will need to determine which is their main home based on the facts and circumstances. IRS Publication 523, Selling Your Home, provides guidance in determining which home is the main home should there be a question.
A return can include the sale of two main homes, however, when the taxpayer and spouse married during the tax year and both sold their respective primary residences in the tax year a separate worksheet must be completed for each. To do this in TaxSlayer ProWeb, from the main menu of the return select:
- Income
- Schedule D/Form 8949
- Sale of Main Home Worksheet
- Whose form is this? - Select Taxpayer.
- Complete all information for the Taxpayer
- When finished, click the CONTINUE button.
- Return to Sale of Main Home Worksheet
- Add Another Sale of Home - This will automatically default to belonging to the spouse.
- Complete all information for the Spouse
When finished, click the CONTINUE button.
Note: This is a guide on entering the sale of two main homes in the TaxSlayer Pro program. This is not intended as tax advice.
Additional Information:
IRS: Publication 523 - Selling Your Home
IRS: Instructions for Form 8949
ProWeb: Form 8949 - Sales and Dispositions of Capital Assets
ProWeb - Excluding Sale of Main Home (Form 1099-S)