The ability to report the sale was not left out of the TurboTax software. In TurboTax Desktop Premier I was able to report a sale of a second home.
- If you go into the Wages and Income section of your return,
- scroll down to Investment Income.
- Select Stocks, Mutual, Other
- Did you get a 1099-B, no
- Tell us about this sale.
- If you are recording a loss on the sale, at the screen, Select any less common adjustments that apply, Any loss from this sale is not deductible... is an option.
- This is personal use property (like a vacation home) is an option.
IRS Publication 544 under Personal-use property states:
Personal-use property
Report gain on the sale or exchange of property held for personal use (such as your home) on Form 8949 and Schedule D (Form 1040 or 1040-SR), as applicable. Loss from the sale or exchange of property held for personal use is not deductible. But if you had a loss from the sale or exchange of real estate held for personal use for which you received a Form 1099-S, report the transaction on Form 8949 and Schedule D, as applicable, even though the loss is not deductible.
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