Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Providing that you meet all the requirements, you will be eligible for the $250,000 exclusion, which means that there will be no capital gains tax. You do still need to report the sale of Forms 8949 and the Schedule D. For more detailed information regarding the qualifications for the exclusion, you can refer to IRS Pub 523, page 3.
Link to IRS Pub 523:
Let me know if I can be of further assistance to you regarding this matter.
You are welcome. When you filed using turbo tax, did you complete the Forms 8949 and the Schedule D? If you did not, this is likely why the IRS contacted you. What you need to do is disagree with their findings, amend your 2014 tax return to reflect the sale and the exemption.