What version turbotax can and how to report partial capital gain exemption on a primary house sale less than 2 years

Forum|Forum|2 years ago
January 1, 2024
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Hello turbo tax community,

Could anyone advise what version of turbo tax can file partial capital gain exemption on a primary house sale less than 2 years and how? I filed 1099-S before on Deluxe, but don't remember it allows entering that. mention @Critter-3 could you share some insights?

Anonymous_

Employee

You can use any desktop version of TurboTax because every version contains all of the forms.

If you plan on using an online version of TurboTax, then you will need TurboTax Premium as Deluxe online does not contain Form 8949 or Schedule D.

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changningAuthor

Thanks for your quick response @Anonymous_ . How does Turbo Tax recognize if I am qualified for partial capital gains exemption when my living period on the residence is less than 2 years? I don't remember Turbo tax ever check for that from my previous experience. My concern is it not able to automatically evaluate my situation thus over charging

Critter-3

Simply follow the interview screens and the proper questions will be presented and the partial exclusion will be computed if you qualify.

If you sold your main home

Sign in to TurboTax and select Pick up where you left off
Select Search, enter sale of home, and select the Jump to link in the search results
Answer Yes to Did you sell or have your home foreclosed in 2023?
Enter the address of the home you sold on the next screen, and Continue
On the next screen, answer Yes to Did you receive a Form 1099-S that reported this sale? and enter the info from your 1099-S
On the next screens, follow the on-screen instructions to continue entering the info from your 1099-S

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.