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Ken1951
Level 1

sale of house

My wife and I sold our home in 2019 which we had lived in continuously for 11 years and made a small profit of approximately $7,000.  Since we are not required to report the profit up to $500,000 according to IRS Schedule D instructions, I don't understand why Turbo Tax Premier is showing that we owe a capital gain of about $1000?  

 

Ken Thurman

1 Best answer

Accepted Solutions
Anonymous
Not applicable

sale of house

did you ever take deprection on your house? 

if you did, there are takes that must be paid on the recpatue of the deoreciation. 

if  not you have entered something incorrecly on the house sale

we can't see your return so all that can be done is to offer suggestions.    

if the above doesn't give you a reason, you have to upgrade to allow a pro to review your entries. 

View solution in original post

1 Reply
Anonymous
Not applicable

sale of house

did you ever take deprection on your house? 

if you did, there are takes that must be paid on the recpatue of the deoreciation. 

if  not you have entered something incorrecly on the house sale

we can't see your return so all that can be done is to offer suggestions.    

if the above doesn't give you a reason, you have to upgrade to allow a pro to review your entries. 

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