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July 19, 2024
Question

I sold my home and have capital gains. I need to calculate my estimated taxes. Can I do it on turbotax

  • July 19, 2024
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Employee
July 19, 2024

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.**
fanfare
Employee
July 20, 2024

What is your 2023 tax ? Do you have withholding? Did you get a refund this year?

If your total 2024 withholding alone is 100 % of prior year tax (110% if your 2023 AGI is over $150,000),

you can avoid any penalty in 2024.
You don't need to make Estimated Tax payments.

 

 One possible action is to submit a W-4 to employer to increase withholding for the rest of this year.

 

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Separately, Estimated Tax payments may be advisable to pledge you can pay the amount you owe on Tax Day

@mlep673726