Solved: We bought and sold homes in 2018 and I have improvements we made in the home we sold, which turbo tax do I use?
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emilyzandra3
New Member

We bought and sold homes in 2018 and I have improvements we made in the home we sold, which turbo tax do I use?

 
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Vanessa
Level 3

We bought and sold homes in 2018 and I have improvements we made in the home we sold, which turbo tax do I use?

It depends.  If you were organized as a multi-member LLC or a partnership or if "we" is a spouse in a NON community property state you would need to use TurboTax Business to file Form 1065 which would generate a K-1 for all partners.

If "we" is you and a spouse and you are in a community property state and this was a business then you would both file Schedule C's using TurboTax Home and Business.

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Vanessa
Level 3

We bought and sold homes in 2018 and I have improvements we made in the home we sold, which turbo tax do I use?

It depends.  If you were organized as a multi-member LLC or a partnership or if "we" is a spouse in a NON community property state you would need to use TurboTax Business to file Form 1065 which would generate a K-1 for all partners.

If "we" is you and a spouse and you are in a community property state and this was a business then you would both file Schedule C's using TurboTax Home and Business.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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