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How do I enter a 121 exclusion - gain from sale of personal residence
🔍 How do I enter a 121 exclusion - gain from sale of personal residence?
Form 4797 is for Sale of Business Property, so the Sale of Principal Residence would not be reported on this form. You will need to complete Schedule D, Wkt 2, Sale of your Home section.
📊 Step-by-Step Guide
Step 1: Do not use Form 4797 for your principal residence
Use this when you need to understand where your principal residence sale should be reported.
Form 4797 is for Sale of Business Property, so the Sale of Principal Residence would not be reported on this form.
Step 2: Complete the correct home sale section
Use this when you need to enter the gain from the sale of your home correctly.
You will need to complete Schedule D, Wkt 2, Sale of your Home section.
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Tags: federal,form