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June 1, 2019
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I sold a house last year. and my wife sold hers and we brougth a house together which tax software do we need.

  • June 1, 2019
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Best answer by PaulaM

If you each sold a primary home, then it may not need to be entered at all on your tax return if you meet the exclusion requirements. You may exclude up to $250,000 ($500,000 for married filing joint) of the gain if all requirements are met. See link below.

If either of you received a 1099-S form for the sale, then it must be entered on your tax return. If this is your case, then you will need TurboTax Premier (online version) to record the sales. If one of your homes does not meet the exclusion rules, then that homes sale is reported on the return. 

https://ttlc.intuit.com/questions/1899435-is-the-money-i-made-from-a-home-sale-taxable 

1 reply

PaulaMAnswer
Employee
June 1, 2019

If you each sold a primary home, then it may not need to be entered at all on your tax return if you meet the exclusion requirements. You may exclude up to $250,000 ($500,000 for married filing joint) of the gain if all requirements are met. See link below.

If either of you received a 1099-S form for the sale, then it must be entered on your tax return. If this is your case, then you will need TurboTax Premier (online version) to record the sales. If one of your homes does not meet the exclusion rules, then that homes sale is reported on the return. 

https://ttlc.intuit.com/questions/1899435-is-the-money-i-made-from-a-home-sale-taxable 

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June 1, 2019
How do I know if we have a  1099-s Is this supposed to come in the mail ?