Yes, you can claim the losses to reduce your total taxable income. Make sure to enter only your portion of the information including proceeds and the cost so the program can calculate your taxes accurately.
You will enter the information under the investment
section in TurboTax program by following these steps:
1. After
sign into your account, select Take me to my return
2. At
upper right corner, search for this exact phrase: sold second home
3. In the
search results, click Jump to sold second home
4. Answer Yes on
the screen, Did You Sell Any Investments?
5. Follow
the on-screen instructions to completion- on screen, Choose the type of
investment you sold - select Second Home
6. Fill
out screen Enter Second Home Sale Information
7. On
screen Tell Us How You Acquired This Home, select Inherited
8. Continue to enter your information
