topic Sale of Primary Home in Get your taxes done using TurboTax

Sale of Primary Home

opuscounty — Sat, 01 Feb 2020 23:02:25 GMT

I sold my house in 2019. I had spent 4 of the last 5 years in the house as my primary residence. When I add it into TurboTax, it tells me I must pay capital gains (or rather I "don't qualify for the exclusion of the capital gains"). I am no where near the max capital gains limit for filing jointly. I would like to add it in as it was a transaction for 2019 and I received a 1099S form. However, I do not want to pay taxes for something that I should not.

What is wrong with TurboTax in this situation.

Re: Sale of Primary Home

opuscounty — Sat, 01 Feb 2020 23:08:11 GMT

I was able to delete the entire record and reenter it. It now is excluding my capital Gains.

Re: Sale of Primary Home

Anonymous — Sat, 01 Feb 2020 23:11:12 GMT

check that you entered all the information on the home sale worksheet correctly. then check the worksheet part IV where the exclusion is calculated.