Q. Lived in house for 22 years. Sold it and bought another with the sale money. Only made $40,000 in pocket. Do I use Turbo Tax Premier ?
A. Only if you received a form 1099-S for the sale. The form may be in your closing papers, rather than being sent to you after the end of the tear, like most tax forms.
If you meet the rules for a home sale, explained in the other reply, you may exclude the capital gain, from you tax return. As such, you do not have to report the sale. So, you don't need to upgrade in TurboTax (TT). Unfortunately many real estate closing agents automatically issue the 1099-S when it isn't required. A 1099-S must be reported, even if you will be showing $0net income. In that case, you must upgrade tp Premium in the online TT editions.
