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March 7, 2022
Question

You told me I don’t owe taxes on selling my home and then you tell me I must upgrade to Premier because I owe taxes on selling my home?

  • March 7, 2022
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1 reply

March 7, 2022

 

You'll need TurboTax Premier Online to report capital gains from the sale of your primary home. 

 

If the sale of your primary residence was sold and there is capital gain then you will need to use TurboTax Premier or Self Employed to report the gain.  However, if your sale of your primary residence was less than the exclusion amounts, you do not have to report the sale on the return unless you received a form 1099-S.  You must include the sale on the return when you receive form 1099-S.

 

If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.

 

Ultimately, you must have a reportable gain for TurboTax to recommend that you upgrade to Premiere. @alienmason

 

 

 

 

 

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