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.