We sold our home of 35 years. We paid $60k and sold for $590k. We did about $175k in remodels. 3 months later bought for $440k. Can I use Deluxe or do I need Premier?

[MichaelL1 · Accepted solution]

You can use Deluxe to show the home sale.

Make sure for your cost of the home you add the remodeling costs to the home.  This is your adjusted basis in the house. 

Married Filing Joint you can exclude a gain of up to $500K from being taxed on your return. Based on information in question, your tax should be $0 on the sale. 

In TurboTax you enter this in the Wages and Income section, under Less Common Income and then to Sale of Home. 

[Eubie-12]

Clear, concise answer. Thank you for your help.