Solved: We filed 1040-A last year - simple taxes. In 2017, sold house in Colorado, bought house in Hawaii and moved to Hawaii full-time. Which edition to use?
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We filed 1040-A last year - simple taxes. In 2017, sold house in Colorado, bought house in Hawaii and moved to Hawaii full-time. Which edition to use?

We pay estimated taxes so I paid all to Colorado including payment due in Jan. 2018. Talked with Hawaii Dept of Taxation who told me to file part-time resident for 2017 and then pay estimated taxes for 2018. We will not have gains on the house as we bought a more expensive home in Hawaii. Closing in Colorado on 10/9/2017 and closing in Hawaii on 10/27/2017. Which edition to use and can Turbo Tax address all these issues?
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We filed 1040-A last year - simple taxes. In 2017, sold house in Colorado, bought house in Hawaii and moved to Hawaii full-time. Which edition to use?

Buying a more expensive home is irrelevant.  Did you get a 1099S?

SALE OF HOUSE

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 owner and lived in the home for at least 2 years).

* If you are using online TT, you need Premier or Self-Employed software to report the 1099-S.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Level 15

We filed 1040-A last year - simple taxes. In 2017, sold house in Colorado, bought house in Hawaii and moved to Hawaii full-time. Which edition to use?

Buying a more expensive home is irrelevant.  Did you get a 1099S?

SALE OF HOUSE

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 owner and lived in the home for at least 2 years).

* If you are using online TT, you need Premier or Self-Employed software to report the 1099-S.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

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