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Investors and rental owners
@vancouverwahine Can you please verify these information
From 2024 tax return (left menu), click Tax Profile // Your tax profile
3rd page - What about these home- or property-related credits? - did you select I sold my home
Under Income // click Principal residence // on Sale of your Principal Residence
page, make sur you answer all questions
In page Designation of a property as a Principal Residence, make sure you answered properly both questions
Click Income // Residential property flipping // at question For any property (or right to acquire a property) you sold, did you own it for less than 365 days before selling it? - answer NO if you owned it more than 365 days // continue
It will stay under your Income section, but it will stay empty, because you did not flip you only sold your Principal Residence. Both are related because for flipping, it needs to be your principal residence.
Thank you for choosing TurboTax.