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New Member
posted Mar 5, 2022 10:20:01 AM

Sale of a home - TurboTax Deluxe

I am trying to report a sale of a home, but the program will not allow me to do so.  Is this feature not allowed in TurboTax Deluxe?

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3 Replies
Level 15
Mar 5, 2022 10:25:02 AM

It is available on the Deluxe desktop CD/Download edition.  It is not available using the Deluxe online edition if you have to report a sale on Schedule D and Form 8949.

 

If you are using the Deluxe desktop edition the program may recommend that you upgrade to Premier to report the sale.  This is a recommendation and is Not required.

 

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

 

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

New Member
Mar 5, 2022 10:57:52 AM

I am using the Desktop CD/Download version of TurboTax Deluxe.  The program skips over the entire "Less Common Income" section when I click "Yes", and takes me to health insurance related questions

Level 15
Mar 5, 2022 11:01:58 AM


@TMathews79 wrote:

I am using the Desktop CD/Download version of TurboTax Deluxe.  The program skips over the entire "Less Common Income" section when I click "Yes", and takes me to health insurance related questions


Are you using Windows or Mac?  Have you updated your software?  Click on Online at the top of the desktop program screen.  Click on Check for Updates.

 

If you are using Windows make sure you are running the program as an Administrator.

Save your tax return, close the program.

Right click on the TurboTax icon.  Click on Run as Administrator.