If the home is your second home, it would not qualify for the exclusion of gain. Only your main home qualifies for the exclusion, and you can only have one main home at a time. To report the sale of a second home in TurboTax, it is entered as a capital gain, which would require Premier:
- Select Start/Revisit in the Federal > Wages and Income > Investment Income > Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
- Under OK, let's start with one investment type, select Other.
- Enter the information as it appears on the 1099-S. Use the drop-down menu to select Second home as investment type.
- If you paid sales expenses not included on the 1099-S, you may enter those on the next screen under Let us know if any of these situations apply to this sale.
If the home qualifies as a main home and you meet the other ownership and use requirements, it qualifies for the exclusion of up to $250,000 of gain or $500,000 if you are married filing jointly. If there is no gain after the exclusion, you can use TurboTax Deluxe to report this in the Federal > Wages and Income > Less Common Income > Sale of Home (gain or loss) section.
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