Where do I enter expenses for buying a home and performing major repairs then selling

Forum|Forum|4 years ago
February 15, 2022
3 replies
27 views

We purchased a rundown home and paid for several repairs, then we sold the home. Not a rental property. Investment property

TurboTax Premier Online

Best answer by AmyC

You are in the right place. Amount paid will be the total of the purchase and all the improvements along with any expenses of the sale, like realtor fees. See About Publication 544, Sales and Other Dispositions of Assets for complete details.

Vanessa A

Level 15

If you flipped a house you would enter it as a sale of an investment.

You would enter it by clicking the following:

Federal
Income
Show More next to Investment Income
Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Select Other
Continue through and select Other for the type of investment
Then walk through the questions and enter the sale of your investment property

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sausecraigAuthor

Level 2

Thanks for the info. I'm on the page where it says "What type of investment did you sell" I responded second home. Beneath that it says 'Proceeds' then amount paid. Do I put expenses with amount paid? I'm not finding the options you listed. Thank you.