If you are using the Online version of TurboTax, you need to upgrade to TurboTax Premier to enter the sale of your second home.
To report the sale :
- Select Federal Taxes tab,
- Go to Wages & Income
- scroll down to Investment Income
- Select Stocks, Mutual Funds, Bonds, Other.
- Respond "yes" to Did you sell any investments?
- Answer No to the question Did you get a 1099-B or brokerage statement?
- On the screen, OK, what type of investments did you sell? mark the Other box and click Continue.
- When you get to the screen, Now we’ll walk you through entering your sale details enter the details of the sale. You will be able to select the type of investment in the first box [second home, Land, etc.]
- Enter the requested information and click Continue when done.
For the cost basis of the property, add the cost of the improvements to what you paid for the property.
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