It sounds like you are in the correct place. In TurboTax Online Premier, I was able to enter a long-term capital gain
on Schedule D of the Federal 1040 by following 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.
TurboTax will walk you through a series of questions to determine whether the transaction generated a taxable gain or taxable loss. The transaction will likely be reported on Schedule D.
You need to provide these data elements.
- The 1099-S will provide the broker name and EIN.
- The type of investment in the drop-down box is Second home.
- Answer how you received the second home.
- Enter date of receiving the investment and date of disposing of the investment.
- Enter the proceeds of sale and total amount paid which is your basis.
- Click Continue.
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 IRS sale of my second residence.
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