Hello,
I have read through some community discussions on scenarios where only one spouse qualifies for the 250k capital gains exclusion exemption due to the residency requirement. We are in this camp where only one of us satisfies the residency requirement. My question is can both the Desktop version and Online version of Turbotax handle this subtlety (where the exemption amount should not default to 500k, but 250k instead even if we're filing jointly)? It looks like we will be using the Premier version, and our preference is the desktop version. I'd like to confirm that either version will work for this scenario. Thanks!!
Desktop Premier will handle your situation. There is no Online Premier. If you use TurboTax Online you would have to use Premium (not Premier). Either desktop Premier or Online Premium will ask separately how long each of you lived in the home and will give you the $250,000 exclusion (assuming you meet the other requirements).
Desktop Premier will handle your situation. There is no Online Premier. If you use TurboTax Online you would have to use Premium (not Premier). Either desktop Premier or Online Premium will ask separately how long each of you lived in the home and will give you the $250,000 exclusion (assuming you meet the other requirements).