I received a 1099S on sale of main home. I will be exempt from paying any taxes on it as it was my main home for almost 3 years. Do I need to get Premiere just to report this and be exempt? Or can I do it from Deluxe? Thank you.
The IRS says that if you get a 1099-S on the sale of your main home, you do need to report it:
-------------------------------------------------------------------------------------------------------------------------------------------
Pub 523
Reporting Gain or Loss on Your Home SaleYou have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and do not qualify to exclude.
You received Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
You wish to report your gain as taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.
The IRS says that if you get a 1099-S on the sale of your main home, you do need to report it:
-------------------------------------------------------------------------------------------------------------------------------------------
Pub 523
Reporting Gain or Loss on Your Home SaleYou have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and do not qualify to exclude.
You received Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
You wish to report your gain as taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.
Will I have to figure out the forms myself and enter it? Or do I have to upgrade to Premiere for it to tell me what to do? Thanks.
I'm not sure since I don't use Deluxe but click on the tab "Wages & Income" - or whatever it's called in Deluxe - and scroll down to the bottom where there should be a section called "Uncommon Income" and see if there's an interview for Sale of Home, (there is in Premier.)
You don't need to report the sale unless you have a taxable gain on the transaction.
I have turbotax Home & Business. I need Help,please.
I have home & business installed in my computer.