Deductions & credits
The second or vacation home is sold as an investment property.
The second home sale can be entered into TurboTax CD or Desktop version by following the steps below.
- Open your TurboTax account > Wages & Income
- Scroll to Investment Income > Select Stocks, Mutual Funds, Bonds, Other > Start or Update
- Select Enter a different way > Select the type of sale - Other
- Enter the details of the property sold - Select Second Home from the dropdown continue to enter your information
- Continue to finish your sale.
- See the image below.
The gain from the sale will be fully taxable because a second home is not eligible for the home sale exclusion. See the image below for assistance. Whether you specifically select Second Home is not relevant for the tax return itself.
