To report the sale of second home:
- Open your return
- Go to Federal then Wages and Income.
- Scroll down to Investment Income
- Go to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you have investment income in 2024?
- On the following screen click Skip Import
- Select Other and Continue
- Enter the name of the financial institution and continue
- For type of investment click the drop down arrow and select Second home and enter the information.
Improvements add to the value of your home, prolong its useful life, or adapt it to new uses. You add the cost of additions and improvements to the basis of your property.
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