i sold my home but didn't make capital gains, i actually lost money, do i need turbo tax premier?
You'll need to sign in or create an account to connect with an expert.
If you had a loss on the sale of your personal residence it does not have to be reported on your federal tax return. You do not need to upgrade to the Premier edition unless you received a Form 1099-S for the sale, then the sale must be reported and the Premier edition would be needed to report the sale.
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 and owned the home for two years).
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 Premier or Home and Business edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)
If you had a loss on the sale of your personal residence it does not have to be reported on your federal tax return. You do not need to upgrade to the Premier edition unless you received a Form 1099-S for the sale, then the sale must be reported and the Premier edition would be needed to report the sale.
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 and owned the home for two years).
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 Premier or Home and Business edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Bill413
Level 1
Sea3_G
New Member
Ash94
New Member
taxquestion222
Returning Member
gowrish
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.