“with this Turbo Tax Deluxe Federal----what information is needed to report for selling old residence and buying a new one?? Or do we need a different edition of Turbotax?”
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I suspect you'll need to enter old residence Sales Price and various Seller costs of closing found on the Closing Document (formerly Settlement Sheet) to determine if you've gone over the exempt capital gains amount (I believe 500K tax free if married filing jointly). You'll likely need to enter information such as original Purchase Price, closing costs whn you bought the old residence and value of improvements over the years to come up with cost basis needed to calculate any gain. On the new home, TurboTax may ask for Purchase Price and other costs paid by Buyer just to keep track of the basis of the new home. I'm not sure if it will though because there is no tax affect on new home if used only as primary residence until it is sold, if ever.
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