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sale of Personal residence sold for $ 1,2000,000/- in 2022 bought for $450,000/- in 1995/-
married filing jointly - which forms to use to reflect this transaction on 1040 form for 2022 tax return
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Fill out the "Sale of Home Worksheet", and Proseries will do the rest
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"bought for $450,000/- in 1995"
28 years.
Their initial purchase price + improvements (not regular repairs) = basis, and they might be eligible now for the $500,000 max exclusion from income tax on that gain from the sale. I recommend digging into the improvements, to see if there is an increase in basis. For example, it's not unusual to move into a house and "finish" it, such as that final bathroom, a nicer laundry room, a covered front entry, a pool cage or expanded patio, a real deck instead of a stoop, etc.
"Level Up" is a gaming function, not a real life function.
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An interesting assortment of questions from you for the last 3 years, but I'm not going to assume that you are not a paid practitioner. I'm just going to suggest you don't charge clients if you put extra zeros in the amounts you enter on their returns.
If you are looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
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"....which forms to use"
F 8949 > Sch D > 1040
Tho some folks say nowhere it there's no taxable gain. YMMV
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