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nrnovaz
Returning Member

Sold 1 house in Az sold 1 house in IN in 2018

Is it advisable to use Turbotax this year, we sold our home in Tucson January 2018, and then sold our second home in Indiana November 2018. Which Turbotax should we use?
2 Replies
akhoney29
Returning Member

Sold 1 house in Az sold 1 house in IN in 2018

I started my taxes finally but got stuck after it advised me to continue along with TurboTax Premiere.  I've never had to use this version, but guess when you sell your primary home and buy a new one, you can deduct some of the expenses on the seller side of your settlement statement from the title company. However, I'm stuck there because I don't know if I can deduct home repairs that led up to the sale of that house.  Since the married cap for capital gains is $500K, we avoided that (our sale price was about half that and still nearly doubled the money my husband paid when he bought the place 15 yrs prior).  Grandpa was right - real estate is still one of the best investments you can make. 

Bees
Level 7

Sold 1 house in Az sold 1 house in IN in 2018

If you are under the 500,000 gain limit on your primary home you do not need to show that on your tax return unless you got a 1099-s from the lender. Or if it was a rental or you depreciated a home office.Your closing costs can add to the basis of your house but if you are under the reporting threshhold it does not matter. If you paid real estate taxes those are deductible as a itemized deduction if you itemize. Your second home does not get a exclusion of gain. The repairs you made are not deductible unless this second home was used as a income property . https://ttlc.intuit.com/questions/4504474-taxable-gain-home-sale-exclusion

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.
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