I sold a personal home in 2023 and need to disclose it on my 2023 tax return. Is Turbotax Premier 2023 the best edition and include support for a personal home sale?

[DoninGA]

Any of the TurboTax desktop editions can be used to report the sale of a personal residence.  The Premier edition is preferred by not required.

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 on 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 (and both lived in the home for two years).

Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premium edition to report the sale if you are using the online editions, any of the desktop editions can be used.  Make sure that you indicate that you want the sale of the home reported on your tax return.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

[kzsmile]

Hi,

I just upgraded to the online premier version but I didn't know that I had to indicate I needed it because I had sold my primary home.   I still cannot figure out how to report this on my 2023 TurboTax version.  What can I do?

Thanks!

[kzsmile]

Note... when I follow the instructions, I have found on-line about using the jump to... all I end up getting is the 1099-B form.  That doesn't work for me because it claims I will owe a lot of money which I know isn't true.

Thanks!

[JohnB5677]

Yes we can help you to post the sale of your home.

 If you do have to post the sale of a home in TurboTax:

 Go into your tax return, click on the “Federal Taxes” tab

1. Select “Wages & Income”
2. Click on the option  “I’ll choose what I work on”
3. Scroll down the screen until to come to the section “Less Common Income”
4. Choose “Sale of Home (gain or loss)” and select “start’

If you receive a 1099-S reporting document  Form 1099-S, Proceeds From Real Estate Transactions, you must report the sale of the home even if the gain from the sale is excludable. 

Additionally, you must report the sale of the home if you can't exclude all of your capital gain from income. 

  IRS Topic - Sale of Home

Tax Aspects of Home Ownership: Selling a Home

As an alternative to the Jump To feature,  Please try this:

Log into TurboTax

1. On the main menu on the left side of your screen
2. Select Tax Tolls, 
3. And then Tolls
4.  
5. A pop up will appear
6. Choose the box Topic Search
7. Type a form number or form name
8. It will bring you to that area.