To report a sale of second home, follow these steps:
- In the upper right hand corner of the screen click on the magnifying glass Search icon.
- Type sale of second home. Hit enter.
- Click on Jump to sale of second home.
- This should bring you to the screen Did you sell stocks, mutual fuds, bonds or other investments in 2020?.
- Click Yes.
- At the screen OK, what type of investments did you sell?, click Other.
- At the screen Now we'll walk you through..., at the drop box What type of investment did you sell, select Second home.
TurboTax will walk you through a series of questions to determine whether the transaction generated a taxable event, a taxable gain or taxable loss. The transaction will likely be reported on Schedule D.
Is the second home in another state? You may find that the sale will be taxable income on your home state tax return as well as the on tax return for the state where the building is located. Your home state tax return may allow you a credit for taxes paid to another state.
See also this TurboTax Help.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
