You will enter this on your Federal return 1040 as a capital gain. You will include both states,
- Prepare State B first (Info will carry over from Federal).
- Then prepare State A that you live in.
- You can get a credit in State A for taxes paid in State B..
In TurboTax Online, you can enter the sale of a second home by following these steps:
- Open your tax return
- Click on Federal in the left-hand column,
- Then on Wages & Income
- choose Investments and Savings and click on the down arrow on the right
- Click on [+Add Investment] or Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Enter a different way
- Select Other box [continue]
- Name Sold myself
- What type of investment did you sell?
- Select Second Home
- Continue the interview.
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