I'm selling my home and buying another. What turbotax edition do I use? Deluxe, Premium?

 

Get your taxes done using TurboTax

Did you already do so in 2016?

Get your taxes done using TurboTax

no, but I want to know way ahead of time what product to buy next year for my 2017 return when turbotax 2017 editions come out.

Get your taxes done using TurboTax

We can only tell you which 2016 products would work, since we (users) don't know if TT will change anything a year from now..

Get your taxes done using TurboTax

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 and owned 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.  You will need the online TurboTax Premier or Home and Business edition to report the sale if you are using the online editions.   Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

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Get your taxes done using TurboTax

Any of the 2016 desktop CD/Download editions can be used to report the sale, if it is required to be reported.