Is there a 2016 turbo tax product that will guide me through selling a vacation home in CA and a primary res home in NV and then purchasing a new primary res in CO?

[tomandcarolturbo]

Sold CA vacation home in July 2016 at a loss; sold primary res in NV in Oct. 2016 at a gain; purchased new primary res in CO in October 2016 for more than the NV residence sold for. Is there a 2016 Turbo Tax product that will walk me through all of these transactions? Have used Turbo Tax Premier in past years.

[Opus 17 · Accepted solution]

Premier is fine.  Deluxe (desktop) would also work.  Deluxe (online) would work as long as you don't have a form 1099-S for any of the sales, if you did, you would need to upgrade to Premier to get the schedule D.

The loss on the vacation home is a dead loss, it's not deductible.  You don't even have to report it unless you received a form 1099-S at closing.

The gain on the NV home may or may not be taxable.  The old rule about postponing your gain by buying a larger home was eliminated years ago.  The rule now is that you can exclude up to $250,000 of gain per person ($500,000 if married filing jointly) if you lived in the house as your main home for at least 2 years of the past 5 years.  Any gain over that is taxable.  If the purchase of that house includes an old postponed gain, you may owe tax on that.  And you owe recapture tax if you took depreciation for business use of the home (home office or rental).

The purchase of the new home doesn't really have tax consequences at this point other than the fact that you can deduct certain closing costs.