taxes

[GPMonty400]

I sold my home in GA and moved to CA in April. Proceeds were put into an annuity. Do I need to see a tax attorney first or can Turbo Tax assist with processing for two states and any tax savings for 2025?

[xmasbaby0]

You will need to file part year tax returns for GA and CA.

https://ttlc.intuit.com/questions/1901560-how-do-i-file-if-i-moved-to-a-different-state-last-year

https://ttlc.intuit.com/questions/2895983-how-do-i-allocate-split-income-for-a-part-year-state-retur...

https://ttlc.intuit.com/questions/1901267-which-states-don-t-have-income-tax

As for the sale of your house---what you did with the money is irrelevant to whether you owe capital gains tax.

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premium software to report the 1099-S

NOTE:   If you have ever used the home as rental property or claimed a home office, you have more information to enter

[SusanR2]

Hello!  

You did not state if you used TurboTax Online to prepare your taxes in the past or not so I don't know how familiar you are with preparing taxes and the TurboTax products.   But,  you will be able to use TurboTax Online or TurboTax Desktop to prepare your own 2024 taxes which would include Federal and both states, Georgia and California.  If you are not comfortable preparing your own taxes, you can use our Full Service product which is where a tax expert will prepare your return, review it with you, sign it and file it for you.  Again we would be able to do Federal and both States without a problem.

Either way, you will need to have all of your usual tax documents (ie W2 forms, 1099 forms, etc.) but you will also need information on the home you sold.  You may receive a 1099 for the sales proceeds but you may not.  In either case, you still need the information for your taxes.  Keep a copy of your closing statement or HUD 1 statement from the sale as that will have most information regarding the sale transaction.  You will also need to know the amount you purchased the property for, when it was purchased and additional details if it or a part of it, was ever used as a rental or for business purposes.

Hope this helps!

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