Last year we sold our primary home before we bought a new one. The software keeps asking me to verify and correct but there's nothing to correct. The dates are straight from the closing documents. How can I move forward in the software to complete my tax return. I contacted turbo tax directly and got transferred and on hold for 40 mins with no answer.
What dates is the software complaining about?
In the Sale of Home section you only enter the date the home sold in 2019 and the date it was purchased.
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.
Ok I was getting confused. I didn't know it was asking the date bought and sold of the same address. I will try and find the closing paperwork when we bought it back in 2014. Thank you!