what are the tax consequences and deductions for sale of a homestead with 23 acres of land/ Does the $500,000 exemption still exist and apply?

[drbuck917]

Does the $500,000 examption (filing jointly) still exist and apply to the sale of our homestead with its 23 acres?

[Anonymous_]

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@drbuck917 wrote:

Does the $500,000 examption (filing jointly) still exist and apply to the sale of our homestead with its 23 acres?

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Yes, if you meet the requirements.

See https://www.irs.gov/taxtopics/tc701

[drbuck917]

I am selling my homestead, consisting of home +24 acres of land next year. This is going to make the taxes complicated. Can this be done through Turbo Tax, which I would want to purchase full audit support also? Is there any problem with Turbo Tax being able to handle this more complicated Tax return?

[Anonymous_]

Your scenario is actually not that complicated, and TurboTax can handle it.

If want assistance check the link below.

https://turbotax.intuit.com/personal-taxes/online