The input is made under the Federal section of the program as follows: Select Income & Expenses Scroll down to see All Income Select Less Common Income Select Sale of Home Proceed to enter the info as prompted You will see a screen titled Sales Information. You will enter your selling price and sales expenses here. The next screen will say Tell Us About the Purchase of Your Home. You will enter the improvements in the cost basis input field. Also be aware you may not have to report anything if your gain is less than $250,000. See the following link for more information on the exclusion and if you would qualify. Sale of a home exclusion @Alvin-Michael

Question

When do I report capital gains and which version of turbo tax

Forum|Forum|7 years ago
June 6, 2019
2 replies
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TurboTax Free Edition Online

M

MichaelDC

Employee

It's hard to tell what your question is without knowing more about your situtation. A capital gain is what the tax law calls the profit you receive when you sell a capital asset, which is property such as stocks, bonds, mutual fund shares and real estate. This does not include your primary residence. Special rules apply to those sales.

You'll use TurboTax Premier to report capital gains and losses as described above.

If you have additional questions or details regarding this, please feel free to post in the comments for further clarification.

https://ttlc.intuit.com/replies/5209280

A

Alvin-Michael

Where in Turbotax Delux do I enter information on the costs (improvements, etc.) tat can reduce the cap gains on the sale of my house? In the income segment the system says this is possible but doesn't provide a way to do this.

Al

A

abryan196

which version of turbotax is needed to report capital gains on sale of non prmary residence home

J

JotikaT2

The input is made under the Federal section of the program as follows:

Select Income & Expenses
Scroll down to see All Income
Select Less Common Income
Select Sale of Home
Proceed to enter the info as prompted
You will see a screen titled Sales Information. You will enter your selling price and sales expenses here.
The next screen will say Tell Us About the Purchase of Your Home. You will enter the improvements in the cost basis input field.

Sales input

Cost basis

Also be aware you may not have to report anything if your gain is less than $250,000. See the following link for more information on the exclusion and if you would qualify.

Sale of a home exclusion

@Alvin-Michael

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S

Sandyjb555

Employee

For the Capital Gains answer you gave (with photo)

Sale Date and selling price are easy to answer, but what does the "sales expenses" line mean? Like what qualifies under this?

T

Texas Roger

Employee

You are allowed to deduct from the sales price almost any type of selling expenses, provided that they don't physically affect the property. Such expenses may include:

advertising
appraisal fees
attorney fees
closing fees
document preparation fees
escrow fees
mortgage satisfaction fees
notary fees
points paid by seller to obtain financing for buyer
real estate broker's commission
recording fees (if paid by the seller)
costs of removing title clouds
settlement fees
title search fees, and
transfer or stamp taxes charged by city, county, or state governments.

Most of these costs will be listed in the closing statement prepared by the escrow, bank or other financial institution, (or attorney, in some states) when you sell your house.