I sold overseas inherited property at a loss - property was never used as a personal property or second home.
Following the instructions given by TurboTax - see below - if I select second home - an press continue the message is that you cannot take a loss or gain on the sale of a personal use property. What is the solution?
- Sign in to TurboTax and select Pick up where you left off or Review/Edit under Wages & Income
- Select Search, enter sold second home, and select the Jump to link at the top of the search results
- Answer Yes on the Did you have investment income in 2022? screen, then Continue
- If you land on the Your investments and savings screen, select Add Investments
- On the next screen, select Enter a different way
- On the OK, let's start with one investment type screen, select Other (land, second homes, personal items), then Continue
- On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
- On the next screen, select either Second Home (choose this also for inherited homes) or Land from the first dropdown menu, then enter the rest of the info for your sale, and Continue
