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Get your taxes done using TurboTax
You would enter this in your tax return using TurboTax Premier. The sale would be considered a second home.
- Open or continue your return
- In the search box, search for sold second home and select the Jump to the link
- Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2021? screen
- If you land on the Your investment sales summary screen, select Add More Sales
- On the OK, let's start with one investment type screen, select Other, 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 Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale
- The drop-down boxes can be filled out with the details of the sale
- Description -address address
- Date sold - on 1099-S
- Date acquired - from your records
- Sale proceeds - on 1099-S
- Cost basis - initial basis plus expenses of the sale such as closing costs.
Entering the sale a Sale of Second home will clear up the California problem.
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March 8, 2022
5:08 PM