topic Home Sale in Other financial discussions

Home Sale

WallisJD1 — Sat, 08 Feb 2020 19:00:37 GMT

I turned 66 last November, I want to sell my home and use the equity to buy a Motorhome as my residence. Will I get hit with Capital Gains Taxes?

Re: Home Sale

xmasbaby0 — Sun, 09 Feb 2020 00:15:49 GMT

What you do with the proceeds of selling your house has been irrelevant since 1997.

SALE OF HOUSE

If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

If you are using online TT, you need Premier or Self-Employed software to report the 1099-S
.https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible

Re: Home Sale

jsas56 — Mon, 10 Feb 2020 18:59:52 GMT

There is no way to show and handle the step-up value when selling your primary residence. I know

I am entitled to the step-up as of the date of my wife's death in 2012. Turbo Tax has no way to handle

that. I'm using 2012 Premier. Any suggestions?

Re: Home Sale

xmasbaby0 — Wed, 12 Feb 2020 02:28:21 GMT

2012 Premier? What are you trying to do? 2012 is no longer supported; it cannot be updated. If you need to prepare a 2012 return you should seek a paid tax pro's help.