Deductions & credits

You will need to enter this in the investment section of TurboTax.  The deductions for the sale of the second home will be added to the cost basis. 

The basis is the price that you paid for the house and any capital improvements that you made to the house. You can add some expenses from the Settlement Statement to the basis of the house. These are title fees, real estate commissions, stamps, abstract costs, transfer taxes, home inspection, and attorney fees.

When you sell stocks, bonds, mutual funds, or other securities, you should get Form 1099-B from your brokerage by mid-February. Simply enter the form into TurboTax to report the sale.

But what about non-security investment sales like coins, collectibles, timber, land, or a second home? Here's how you enter those:

1. Open (continue) your return in TurboTax.
2. Answer Yes to the question Did you sell any of these investments in 2021?
   • If you land on the investment sales summary screen, select Add More Sales.
3. Select Other then Continue.
4. On the next screen, select the type of sale you had (like second home, collectible, or land) and Continue.
5. Open (continue) your return in TurboTax.
6. Continue following the onscreen instructions to enter the sale
7. You will enter the sale price and then the cost basis of the second home.

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