Sale of a second home is treated as a sale of an investment even if the sale is reported on an IRS form 1099-S. See this TurboTax Help.
In TurboTax Online Premium, follow these step.
- Down the left side of the screen, select Federal.
- Down the left side of the screen, select Wages & Income.
- Click the down arrow to the right of Investments and Savings.
- Click to the right of Stock, Cryptocurrency, Mutual Funds, Bonds, Other.
- At the screen Let's finish pulling in your investment income, select Add investments.
- At the screen Let's import your tax info, select Enter a different way.
- At the screen, OK let's start with one investment type, select Other, Land, Second homes, Personal items. Click Continue.
- At the screen Tell us more about this sale, enter the name. Click Continue.
- At the screen Now, enter one sale, enter the details of the sale including sale of second home, I inherited it, sales proceeds, cost basis and sales expenses.
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