Personal property

Forum|Forum|2 years ago
February 23, 2024
3 replies
46 views

In Massachusetts a mobile home is considered Personal Property. I sold a mobile home for a profit but I don't know which version of Turbo tax I need to use to report this income. all i have is receipts for all my costs.

Once I get the correct version of Turbo Tax what section is required to report this income?

Please send email with your response.

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gdubbz

Level 4

Here is a previous thread that may be of help with regards to your question:

https://ttlc.intuit.com/community/taxes/discussion/which-version-of-turbotax-desktop-when-selling-primary-residence/00/3121432

gdubbz

Level 4

To report the home sale, you will navigate through the following sections:

1. Personal Income

2. Less Common Income

3. Sale of Home (gain or loss)

LindaS5247

Alumni - Intuit

It would be considered the sale of your home.

The sale of your home would be reported only if you had a taxable gain or received Form 1099-S.

If you lived and owned your home for at least two years in the 5-year period on the date of sale, you don't have to report the sale on your tax return, if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

I don't know all of your tax circumstances to recommend a product, but you can click here to compare TurboTax products or click here for help in contacting Turbo Tax Support.

You can report the sale of a home using TurboTax Deluxe. To enter a Form 1099-S you must use TurboTax Premier.

Click here for how to enter your form 1099-S.

Click here for how selling a home affects your taxes.

Click here for tax aspects of home ownership.

Click here for information on the taxability of income from sale of home.

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