If you did not rent out the property during the year, then you may report it under the following TurboTax steps:
- Click Federal
Taxes
- Click Wages &
Income
- Go to Investment
Income
- Go to Stock,
Mutual Funds, Bonds, Other, then Click Start
- Answer No " Did you get
a 1099-B or a brokerage statement for these sales?"
- On the next screen,
select Second Home, Click Continue
- Enter Second Home Sale Information
- Tell us How You Acquired This Home, select Other method
- Enter Cost Information
Cost Basis - Original cost, including sales tax, purchase expenses, etc.
PLUS
- Improvements (with a useful life of more than one year)
- Nondeductible assessments for improvements (sidewalks, utilities,
etc.)
MINUS
- Depreciation claimed
- Section 179 deduction taken, and
- Casualty and theft losses deducted
