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I purchased my first home in 2019 and moved in April. How do you account for that on the MI-1040CR? Turbotax insists I put in a sold property amount to prorate.
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I purchased my first home in 2019 and moved in April. How do you account for that on the MI-1040CR? Turbotax insists I put in a sold property amount to prorate.
It depends on what was entered. First, determine that you qualify for the credit.
There are three hurdles to pass to claim the credit:
1. Taxable value is equal or less than $135,000
2. Total Household Resources are less than $60,000
3. The property tax levied is greater than 3.2% of the Total Household Resources.
Next, leave the Old Home side completely blank and only enter the number of days in your new home. I was able to advance through the screens this way, and was not asked about the Old Property Tax.
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I purchased my first home in 2019 and moved in April. How do you account for that on the MI-1040CR? Turbotax insists I put in a sold property amount to prorate.
It depends on what was entered. First, determine that you qualify for the credit.
There are three hurdles to pass to claim the credit:
1. Taxable value is equal or less than $135,000
2. Total Household Resources are less than $60,000
3. The property tax levied is greater than 3.2% of the Total Household Resources.
Next, leave the Old Home side completely blank and only enter the number of days in your new home. I was able to advance through the screens this way, and was not asked about the Old Property Tax.
For more details:
- Mark as New
- Bookmark
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I purchased my first home in 2019 and moved in April. How do you account for that on the MI-1040CR? Turbotax insists I put in a sold property amount to prorate.
Kathryn,
Thank you, yes I qualified based on the hurdles you mentioned. I deleted the form, and went back in and redid it, this time leaving the Old House info blank and it worked! Thank you so much.
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I purchased my first home in 2019 and moved in April. How do you account for that on the MI-1040CR? Turbotax insists I put in a sold property amount to prorate.
Wonderful news! You're welcome!
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