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bobbivin
Level 1

Why am I being forced to update to Premier just because I sold my house?

 
1 Best answer

Accepted Solutions
MarilynG1
Expert Alumni

Why am I being forced to update to Premier just because I sold my house?

You don't need to report the sale of your main home in TurboTax, since you meet the qualifications to exclude any gain.

 

You are correct that you don't need to upgrade to Premier.

 

Click the link for more detailed info on Selling Your Home.

 

 

 

 

 

 

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3 Replies
TomK100
Expert Alumni

Why am I being forced to update to Premier just because I sold my house?

If you sold your primary personal primary residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).  

 

If you had a gain greater then the exclusion amounts then you would have to report the sale.  Also, if you received a Form 1099-S (Proceeds From Real Estate Transactions) for the sale either with a gain or a loss, the sale has to be reported.  You will need the online TurboTax Premier or Home and Business edition to report the sale. 

 

Here's how to enter the sale of your home in TurboTax:

  1. Open (continue) your return if you don't already have it open.
  2. In the upper right, search for “sale of home.”
  3. Select the “Jump to sale of home” link in the search results.
  4. Answer the screen prompts.
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bobbivin
Level 1

Why am I being forced to update to Premier just because I sold my house?

The thing is, when I click jump to sale of home, I get the following question:

Did you sell or have your home foreclosed in 2019?

I answer Yes, because I did sell my home, and it automatically makes me upgrade without asking any other questions:

 

Because you sold your home, you need to upgrade to TurboTax Premier

Why do I need to upgrade?
The IRS requires you to file a Schedule D to report capital gains from the sale of your home. This isn’t covered by TurboTax Deluxe. Upgrade to TurboTax Premier and we’ll help you prepare the right forms.
 

It was my primary residence all 5 of the previous 5 years, and I made less than 1/10 of the exclusion amount on the sale.  I also did not receive a 1099-S.  So do I just say this does not apply to me?

MarilynG1
Expert Alumni

Why am I being forced to update to Premier just because I sold my house?

You don't need to report the sale of your main home in TurboTax, since you meet the qualifications to exclude any gain.

 

You are correct that you don't need to upgrade to Premier.

 

Click the link for more detailed info on Selling Your Home.

 

 

 

 

 

 

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