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Level 2
January 30, 2024
Question

Married filing jointly, both 87 years old sold primary residence which turbotax do i use?

  • January 30, 2024
  • 2 replies
  • 3 views
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    2 replies

    DoninGA
    Level 15
    Level 15
    January 30, 2024

    If you are going to use the TurboTax online editions you will need the Deluxe or Premium edition to report the sale of your personal residence, depending on whether or not you received a Form 1099-S for the sale.

    https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/

     

    If you are going to use the TurboTax desktop CD/Download editions to be installed on your personal computer then any of the editions can be used.

    https://turbotax.intuit.com/personal-taxes/cd-download/

     

    Level 15
    January 30, 2024

    You won't pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home (or the first $500,000 if you're Married Filing Jointly).

     

    That income is free and clear as long as:

    • You owned the home.
    • It was your main home for two years or more within the five years leading up to the sale.
    • You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

    If you sold your main home

    1. Sign in to TurboTax and select Pick up where you left off.
    2. Select Search, enter sale of home, and select the Jump to link in the search results.
    3. Answer Yes to Did you sell or have your home foreclosed in 2023?
    4. Enter the address of the home you sold on the next screen, and Continue.
    5. 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.
    6. On the next screens, follow the on-screen instructions to continue entering the info from your 1099-S.
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