Sellers final closing statement-social security

[mjckhc]

1099s- sellers final closing statement-social security

Hello: 

I sold our house and moved to Oregon November 19 2024 is residency in Oregon according to new drivers license. How do I compute my social security for the 2 months in Oregon as my wife and I do joint tax return. We do take out 10 percent federal taxes and how do we put down the total under Oregon as is it done totally through Federal tax as also lived in CA until then. Will the federal tax carry over to Oregon or what happens with that second state. Which if any areas do I need to do for 2 state part resident being CA and Oregon.

Next-Did sell our home in CA and was wondering on our Sellers closing statement we have debit-like countyl taxes, payoff to lien holder of record(paid off our loan totally) Goverment recording and transfer charges, Commissions listing agent-selling agent, title charges, escrow charges, miscellaneous charges such as 3rd party courier service-hoa dues for october to hoa company, home waranty, natural hazard report fee, notary ofee to notary public, tc fee to transaction cordinator-can and how do we deduct those or which can be deducted and how plus will Turbo Tax run through this. What can be deducted on closing statement. Haven't gotten answer yet.

[xmasbaby0]

Your SSA1099 for Social Security needs to be entered on your federal return.  Neither CA nor OR tax Social Security, so there is not an issue for your SS in those states.  You do not need to stress over how much SS you received in CA vs OR.

 Go to Federal> Wages & Income>>Retirement Plans and Social Security  (SSA1099 and 1099RRB) to enter your SSA1099.

For the sale of the 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

You did not mention whether you had any other income during 2024 like pensions, IRA distributions,  investment income, W-2's etc.

MOVED OR NEED TO FILE PART-YEAR STATE

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

https://ttlc.intuit.com/turbotax-support/en-us/help-article/printers-printing/file-part-year-state-r...

https://ttlc.intuit.com/turbotax-support/en-us/help-article/printers-printing/file-part-year-state-r...

ALLOCATE PART YEAR

https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/allocate-split-income-part-y...

https://ttlc.intuit.com/community/returns-and-forms/help/when-would-i-have-to-file-returns-in-more-t...

[mjckhc]

We do get besides social security, pensions, IRA distributions,  investment income but no w2s as are retired. 

Do we just report the pensions like social security on federal taxes. We did also receive when we bought the new place in Oregon form 1098-mortgage interest, points paid on purchase an amount also. I assume have to put that on fed taxes. Do I need to add that to the Oregon state tax or is it taken care of by putting it in federal form. So in other words what do I need to fill out on the Oregon state tax or will it be carried over like California.

Also on our sellers final closing statement we do have debit for example commissions, title charges, recording and transfer fees, escrow charges, home warranty fees, payoffs the principal or loan total payoff for our sold place. How can those be deducted and what are they classified as and where would I put that information and does turbo tax guide me through this.

[xmasbaby0]

Information flows from the federal return to the state returns.   When you are entering your information in MY INFO you need to make sure you say that you moved in 2024.   The address you use on your tax returns should be your current address---the one you want the IRS and the states to use if they need to mail you a letter or a check.

You will only enter Social Security on your federal return.  Any other income you received in 2024 also goes on your federal return.  You will allocate when you received certain income. Please read the link about moving and allocating income carefully,

And....for selling the house....you have not mentioned your "gain" so we do not know if you are even going to need to enter any of the costs of selling the house after you exclude $500K.   If you do, the software will take you through it.

You can post back to the user forum when you are actually in the midst of entering your information if you need help.

[mjckhc]

Hello:

We do file jointly and have lived at the selling address more than 5 years and with the 500k we did sell the property for a higher amount than that amount being about 645k. Now would that be a gain and what can we apply towards that as we did pay off our remaining mortgage for our former home totally and where would we compute that and on the seller closing settlement we have amonts from for example title charges, escrow charges, commission for listing agent and selling agentgovt recording and transfer charges and we applied the remaining amount to purchasing our home in Oregon. We did also have our former place painted and put vinyl flooring also in several rooms. Again were would I go to to put in deductions to cut it down or what else can be computed. What listing would the deduction be listed up and how does turbo tax walk through all this.

[xmasbaby0]

 If you are too stressed or worried about preparing the return you might want to use one of the Assisted Live versions so an expert can help you.  Using money from the sale of the old house to purchase the new house is irrelevant.   Details like spending money on new flooring, painting etc. may be entered into the software.   We cannot anticipate and predict every interview question the software is going to ask you in this forum.

If you use online Live Assisted, you will want Premium.

LIVE ASSISTED

https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm

[mjckhc]

Hello:

We do receive 2024 like pensions, IRA distributions,  investment income, but no w2 or other wages as we're both retired. The Ira distributions were when we lived in CA and did do federal taxes on that.

My question is for Oregon part where we moved from CA to Oregon and became resident on November 19--So the question is as my wife and I do have pensions and did get 11 months in CA and 1 month in Oregon as is the first of the month. We do take out federal tax on our pensions. So do we do a separate one for pension on also the Oregon tax and how do we do it. Do we put the total on it per person that is just without the taxes as again we do take federal taxes out. Another question is how to get a 2nd state download online as we have premier. Does the form come up asking for both our totals for example of the pension or do we just since we file jointy does it come up under both names. So also got two answers on if need to include social security since neither has state taxes. Thank you and waiting for your response.

[xmasbaby0]

I stand by the reply I gave you earlier-----seek help from a tax expert.   Consider using Live Assisted software.   You seem to be trying to anticipate all the screens and all the questions without even yet starting to try to use the software.    Some of this would become clear to you if you just dive into the tax software and get started.   When you are in MY INFO you will answer questions about where you lived and whether you received income in another state---which will trigger the software into suggesting the download for the two states you need.  

Again.....your Social Security will only be entered on your federal return because neither state you are dealing with taxes SS.  Information flows from the federal return to the state returns, and the software follows the tax laws for the states in the state programs.  If you have pensions, you will enter your 1099R's into your federal return and let the information flow to the state forms.

Please look into using Live Assisted.  It will cost a bit more, but will be less stressful for you to use since you have so many concerns.