Hello, I input the second home sale transaction in "Sale of Home" under the "Less Common Income" section per your suggestion and found the following:
1. The Sale of Home section did not ask me whether it was a main home or second home, and apparently it just treated the input as a main home sale.
2. I then put in the following data - sale proceed $150,000, sale expense (closing cost items) $11,000, cost basis (original purchase price, original purchase closing costs, and improvements) $144,000. In theory, it is supposed to show a loss of $150,000 - $11,000 - $144,000 = ($5,000). The TurboTax (premier version) screen said that I had a personal loss that is not deductible, so that was right. However, when I looked at the printed form 8949, it showed $150,000 in column (d), which is ok; $144,000 (only the cost basis, it did not include the sales expense that I input) in column (e); code E and L in column (f); and negative $6,000 in column (g). From what I read, form 8949 showed that I had a gain of $6,000 ($150,000 - $144,000) and it subtracted the $6,000 in column (g) to derive $0 in column (h). The form did not show the $11,000 sales expense that I input. I think column (g) should show a positive $5,000 to offset the net loss of $5,000 (150,000-11,000-144,000) to calculate out $0 in column (h).
3. Also, when I tried to use the "Stocks, Mutual Funds, Other" under the "Investment Income" section to input the sale of second home as an alternative, the only choice that I had was to select Box F (non 1099B), and it did not appear to allow me to input the transaction specifically as second home sale. I put in $150,000 as sale proceed, and $155,000 as cost basis (sales expense plus improvements). Form 8949 showed the $150,000 in column (d), $155,000 in column (e), column f and g were blank, and negative $5,000 in column (h) to allow the loss, which is not correct for sale of second home.
I have the CD window version of TurboTax Premier. Please advise. Thank you.
