Purchased Turbotax Premier - Can I upgrade to Premium Version?

Forum|Forum|1 year ago
February 12, 2025
2 replies
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I recently purchased TurboTax Premier and found out because I have an inherited house that I sold in 2024 I need to use TurboTax Premium. I assume TurboTax Premium can accommodate the selling of an inherited house. I have the 1099S from the sale of the property.

My question is can I upgrade to the Premium version? I have entered considerable 2024 tax data into the Premier version and hope that this can be transferred to Premium. If so, how do I upgrade and transfer the tax data? Thanks.

Best answer by rjs

Here's how you can enter the sale of an inherited house in desktop TurboTax Premier. I am assuming that you did not live in it, rent it out, or make any other use of it between the death of the previous owner and when you sold it.

Under Investment Income click the Start button for "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other."
Did you have investment income in 2024? - Click Yes.
Let Us Enter Your Bank and Brokerage Tax Documents - Scroll down to the very bottom of the screen and click "Skip Import."
OK, let's start with one investment type - Click Other, then click Continue.
Tell us more about this sale - It doesn't matter what you enter. If you used a broker, enter the broker's name.
Now enter one sale -
What type of investment did you sell? - Select "Land (other investment purpose."
How did you receive this investment? - Select "I inherited it."
Description - Enter a short description. The description you enter will appear on your tax return. I suggest "Inherited house."
Enter the rest of the information requested, and proceed through the rest of the screens.

mglauner

You can report the sale of an inherited home in TurboTax Premier. You don't actually enter Form 1099-S, just some of the info on it.

Here's How to Enter Sale of Second Home, Inherited Home or Land.

xmasbaby0

Employee

You are confusing desktop software ----Premier--- with an online version---Premium. You cannot switch from desktop software to online software.

Premier is desktop software --- every version of desktop software has all the forms and all the schedules. You can use Premier for the sale of the house.

To enter the sale of the house in Premier

Start with Federal
Click on Wages and Income
Select Choose what I work on
Scroll down to Less Common Income
On Sale of Home (gain or loss),
Click the start or update button

**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.**

wgk1Author

Thanks so much for your quick response. When I do as you suggest I read it is for the sale of your "main" house not inherited property. It refers you to the "investments section" of the return but I do not see it there.

Any suggestions, again thanks for your response.

rjsAnswer

Employee

Under Investment Income click the Start button for "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other."
Did you have investment income in 2024? - Click Yes.
Let Us Enter Your Bank and Brokerage Tax Documents - Scroll down to the very bottom of the screen and click "Skip Import."
OK, let's start with one investment type - Click Other, then click Continue.
Tell us more about this sale - It doesn't matter what you enter. If you used a broker, enter the broker's name.
Now enter one sale -
What type of investment did you sell? - Select "Land (other investment purpose."
How did you receive this investment? - Select "I inherited it."
Description - Enter a short description. The description you enter will appear on your tax return. I suggest "Inherited house."
Enter the rest of the information requested, and proceed through the rest of the screens.