Sold vacant land at a loss. Brought $4000 to the closing. I already purchased deluxe but it can't do this. Is it worth upgrading to premier. Joint income around 130,000

[grabinski17]

We bought vacant land in approx 2006 and finally sold it for a loss in 2017.  We had to bring roughly $4,000 to the closing.  We file jointly and have a combined income of roughly $130,000.  I have already purchased Turbo Tax Deluxe and didn't realize it couldn't handle this.  I've never dealt with this type of scenario so I'm wondering if it's worth it to purchase Turbo Tax Premiere so that I can include this loss in my taxes.

[Critter]

If you bought the downloaded version as your post says then the Deluxe will do the job.

[MinhT · Accepted solution]

You'll need TurboTax Premier for file Schedule D for your capital loss. Your long-term capital loss can offset your ordinary income by up to $3,000 per tax year. Any excess loss can be carried forward to future years.

At your level of income, the cost of upgrading TurboTax Premier will be paid many times over by the tax savings allowed by reporting your loss. If you have the desktop version, you do not need to purchase a new version of TurboTax. You can upgrade it from within the program and only pay the extra fee.