Question

Turbo tax says I don't owe taxes on my home sale then the next page wants me to upgrade from deluxe to premier, "because you owe taxes on the sale of my home"....????

Forum|Forum|5 years ago
January 31, 2021
2 replies
0 views

This is double talk.........

TurboTax Deluxe Online

It depends. Is this a personal residence or a sale of a rental home? If rental home, then a Premier version of Turbo Tax may be required depending on your unique situation. Tell us the situation regarding the sale of your home. Also if you did not qualify for the capital gains exclusion on a personal residence involving the ownership or use tests, then this may be another reason why the program prompted you to upgrade to Premier.

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ohblueboyAuthor

I defiantly do not owe taxes on my home...It was my only home/residence I have lived/owned in for 20 years...My gain on the sale was only 80k....So I agree with turbo tax telling me good news you dont owe any taxes on the sale of the home....My "beef" is why is turbo tax pushing me into a higher turbo tax product...

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ohblueboyAuthor

THe only reason I am reporting this sale of the home is because the closing agent automatically sends 1099-s forms out regardless if a person owes or does not owe taxes, so I am forced to report it when filing, although I dont owe anything....thanks for your help

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klar4230

I am also running into this currently as I put my information in...looks like you got a whole lot of help!

Critter-3

If you got a 1099-S form at closing you MUST report the sale even if you will not owe anything. If you did not get the 1099-S and you can exclude the entire gain then back up and remove the sale completely.

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klar4230

I only got a closing summary at closing. I have read that actual 1099-S forms have to be mailed by Feb. 15, so I'll wait until then to see if I get one.