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March 14, 2024
Question

Hello, which Turbotax desktop version can I use in reporting offsets for possible capital gains on the sale of my primary home last year?

  • March 14, 2024
  • 1 reply
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I live in NJ.  Thank you!

1 reply

Employee
March 14, 2024

Every desktop version has all the same forms and schedules available.  Start in Deluxe and upgrade only if you think you need more detailed help.

SALE OF HOUSE

 

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

  • If you are using online TT, you need Premium software to report the 1099-S

 

 

NOTE:   If you have ever used the home as rental property or claimed a home office, you have more information to enter

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**