Question

Will turbotax deluxe handle the sale of primary residence and purchase of a new one, both in 2018?

Forum|Forum|7 years ago
June 6, 2019
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Employee

Sale of House

If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

If you are using online TT, you need Premier or Self-Employed software to report the 1099-S

**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.**

rjs

Employee

If you use the CD or download TurboTax software, any edition will handle the sale of your home.

You do not report the purchase of a new home on your tax return.

There is a problem with the TurboTax AnswerXchange forum that is causing users to not get email notifications when a question they posted is answered. A more complete answer has been posted to the question you asked about selling your home and buying a new home. If you have not seen that other answer, please return to the TurboTax AnswerXchange forum to see the answer.