Using the online editions of TurboTax you would need either the Premier or Self-Employed editions. Using the desktop CD/Download editions, then any edition an be used to report the sale.
Your second home is considered an investment home. Enter the amount on your 1099-S as the proceed, you basis is your purchase price plus improvements and expenses of sale.
To report the sale
- Login to your account.
- Select Federal from the left menu.
- Go to Wages and Income then Income and Expenses.
- Scroll down to Investment Income.
- Select Stocks, Mutual Funds, Bonds, Other (1099-B)
- On Did you sell any investments in Year? Click Yes. (Note: If you have entered other investment sales, you'll land on Here's the investment sales info we have so far. Click +Add More Sales and proceed as described below.)
- Next, you'll see Did you get a 1099-B or a brokerage statement for these sales? Click No.
- On the next screen, Choose the type of investment you sold. Select Second home and click Continue.
- Follow the onscreen instructions to complete the sale of second home interview. You'll be asked questions about the home, including when and how you acquired it, when you sold it, the sale price, etc. On the Enter Second Home Sale Information screen, you'll enter information from your Form 1099-S.
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