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October 2, 2022
Question

Do I need to buy Turbo Tax Premier or Deluxe after selling my home in FL in July 2022 and living and renting an apartment in LA? Do I file a LA State Income Tax?

  • October 2, 2022
  • 1 reply
  • 0 views
To be clear we now live in Louisiana and rent an Apartment.  We no longer own a home. I believe I will have to file LA State Tax from 7/22/2022 until 12/31/2022.  Just not sure if I need Premier do deduct my mortgage interest and property tax from 1/1/2022 to 7/20/2022 will the Deluxe Version of Turbo Tax suffice?

1 reply

DoninGA
Employee
October 2, 2022

If you are required to report the sale of the home due to not being eligible for the gain exclusion, the gains were greater than the exclusion or you received a Form 1099-S for the sale then you would need the Premier online edition.

If you are not required to report the sale of the home then you can use the Deluxe online edition to deduct mortgage interest and property taxes paid as itemized deductions on Schedule A.  However, if the total of all itemized deductions on Schedule A are not greater than the Standard Deduction for your filing status, Schedule A will not be used.

You will have to file a part year resident 2022 state income tax return for Louisiana.

 

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).


If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.