Which edition to use to report capital gains from selling of primary residence of my apartment?

[alexchlo01]

Hello,

I sold my primary residence of my apartment in 2021.  I am using the CD version of TurboTax Deluxe 2021 that I will purchase from Costco.  Does TurboTax Deluxe help to cover the capital gains from the selling of my primary residence of apartment in 2021?  If not, which edition do I need to purchase?  If not, do I need the CD or download product?  Your assistance is greatly appreciated.  Thank you very much for your help!  Happy New Year!     

Alex

[VolvoGirl]

The CD is the same as the download.  They are both the Desktop program versus the Online web browser version.   All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.  So Desktop Deluxe should be ok to use.   

[MarilynG1]

Yes, you can use TurboTax Deluxe CD (or download) version to report the sale of a primary residence, and report Capital Gains if necessary. 

However, 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 prior to 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.

Click this link for more info on Sale of Personal Residence. 

[Carl]

Further clarification is needed here.

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 prior to 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.

If you receive a 1099-S reporting any proceeds from the sale, then you *must* report the sale on your tax return, regardless of weather you sold at a loss or a gain, and regardless if you are above or below the exclusion amount.