MarilynG1
Expert Alumni

Get your taxes done using TurboTax

Yes, in TurboTax Online, in the Investments section, you can indicate you sold a 'second home' and that you received a 1099-S (whether you actually received one or not).

 

The Capital Gain/Loss is reported the same whether it was stocks or another investment that was sold on Schedule D.  It just depends whether it was Long Term/Short Term as far as tax rates go.

 

Be sure to add any Sales Expenses or Improvements made since you inherited the home to your Cost Basis  (which is the FMV on the date you inherited) when reporting the sale. 

 

Here's more info on How to Enter Sale of Second Home, Inherited Home or Land

 

 

@mdd108 

 

 

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