Do I need to upgrade to premier because I sold my home in 2016. I know that your house has to sell for a minimum of $250K before you have to pay taxes on and mine did not
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
zbackatcha
New Member

Do I need to upgrade to premier because I sold my home in 2016. I know that your house has to sell for a minimum of $250K before you have to pay taxes on and mine did not

Why would I need premier if my house sold for under $200?
1 Reply
MargaretL
Level 9

Do I need to upgrade to premier because I sold my home in 2016. I know that your house has to sell for a minimum of $250K before you have to pay taxes on and mine did not

You don't - If you know that your house sold for less than the exclusion amount and you qualify for the exclusion, there is no need to report the sale at all, unless you received form 1099-S for it.  Only if you have 1099-S, you would have to upgrade to Premier, as this is the version that handles such sales... regardless how much the net profit is.

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

  1. Wages and Income
  2. Select Less Common Income
  3. Select Sale of Home
Dynamic AdsDynamic Ads
v
Privacy Settings