Sale of house

[vicwess]

Lived in house for 22 years. Sold it and bought another with the sale money. Only made $40,000 in pocket. Do I use Turbo Tax Premier ? Thank you

[xmasbaby0]

Buying another house is irrelevant.  That has not mattered since 1997.

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premium software to report the 1099-S
• .https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible

[Hal_Al]

Q. Lived in house for 22 years. Sold it and bought another with the sale money. Only made $40,000 in pocket. Do I use Turbo Tax Premier ?

A. Only if you received a form 1099-S for the sale.  The form may be in your closing papers, rather than being sent to you after the end of the tear, like most tax forms.

If you meet the rules for a home sale, explained in the other reply, you may exclude the capital gain, from you tax return. As such, you do not have to report  the sale. So, you don't need to upgrade in TurboTax (TT).  Unfortunately many real estate closing agents automatically issue the 1099-S when it isn't required.  A 1099-S must be reported, even if you will be showing $0net  income. In that case, you must upgrade tp Premium in the online TT editions.