What Turbo Tax edition should I buy that covers the sale of home in Texas?

[lyndafw]

What edition covers capital gains on sale of home in Texas?

[VolvoGirl]

You would need the Online Premium version or any of the Desktop CD/Download programs.   All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 

[xmasbaby0]

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
• If you are using the CD/download, you can use any version since every version of the CD/download has all of the forms and schedules

[DoninGA]

To report the sale of a personal residence you would need the either the TurboTax Deluxe or Premium online edition, depending on whether you have a reportable gain or not - https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/

If using the TurboTax desktop CD/Download editions, any of the editions can be used - https://turbotax.intuit.com/personal-taxes/cd-download/

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).

Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

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.