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January 31, 2021
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Why is turbo tax giving me double talk?

  • January 31, 2021
  • 1 reply
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Why is turbo tax pushing me to upgrade when they tell me I dont owe taxes?
Best answer by DoninGA

The TurboTax online Free and Deluxe editions do not support entry of a sale of property.  Only the Premier or Self-Employed online editions support Schedule D and Form 8949 for the property sale.

Although you will not owe any taxes on the sale of your personal residence, the IRS requires that the sale is reported since a Form 1099-S was generated and received by the IRS.

 

If you are eligible you may be able to use one of the IRS Free File programs provided by different tax preparation software companies - https://apps.irs.gov/app/freeFile/

1 reply

ohblueboyAuthor
January 31, 2021

The only reason I am reporting my home sale is because I received a 1099-s........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... 

DoninGA
DoninGAAnswer
Employee
January 31, 2021

The TurboTax online Free and Deluxe editions do not support entry of a sale of property.  Only the Premier or Self-Employed online editions support Schedule D and Form 8949 for the property sale.

Although you will not owe any taxes on the sale of your personal residence, the IRS requires that the sale is reported since a Form 1099-S was generated and received by the IRS.

 

If you are eligible you may be able to use one of the IRS Free File programs provided by different tax preparation software companies - https://apps.irs.gov/app/freeFile/

ohblueboyAuthor
January 31, 2021

FINALLY SOMEONE WITH KNOWLEDGE....................THANK YOU