i have already gone through the premier version and entered all of my info and it said i had no capital gains and that the irs doesn't even require me to include the info if I don't want. obviously I do not want to pay premier if its not necessary. Do I just move forward? Or is it necessary?
No you will not have to switch/upgrade if you are claiming the home gain exclusion on your primary residence.
If this house was your primary residence -
You do not need to enter the sale of your primary residence if:
You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See Sale of Your Home for more information on the exclusion.
If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S
No you will not have to switch/upgrade if you are claiming the home gain exclusion on your primary residence.
If this house was your primary residence -
You do not need to enter the sale of your primary residence if:
You can take the gain exclusion as long as you considered the home your "primary residence" for 2 of the last 5 years. If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. See Sale of Your Home for more information on the exclusion.
If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:
Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:
Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S