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jlorenz24
New Member

Do i need to upgrade to turbo tax premium and enter the home sale stuff if i have under the limit for capital gains?

 
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MaryK1
Level 9

Do i need to upgrade to turbo tax premium and enter the home sale stuff if i have under the limit for capital gains?

If you qualify to exclude the gain on the sale- your gain was not more than $500,000 (including adjustment if you ever rented it and took depreciation or took a home office deduction) and you did not get a 1099-S, you are not required to enter it.  I would recommend keeping the information on the sale with your tax records.

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MaryK1
Level 9

Do i need to upgrade to turbo tax premium and enter the home sale stuff if i have under the limit for capital gains?

If you qualify to exclude the gain on the sale- your gain was not more than $500,000 (including adjustment if you ever rented it and took depreciation or took a home office deduction) and you did not get a 1099-S, you are not required to enter it.  I would recommend keeping the information on the sale with your tax records.

**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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