Deducting losses on your second home depends on how you use your second home. Usage factors will affect how you claim any losses, whether it's from storm damage, an accident or whether you lost money on a sale. The key factor is whether your second home is solely for personal use or whether you rent it out all or part of the time.

If your home is used exclusively as a rental property:

An easy way to enter Schedule E is to search for it while in TurboTax

Login to TurboTax Deluxe online
Click Take me to my return
In the search box located in the upper right hand corner, Type Schedule E
Click the Jump to Schedule E link that appears in the search results.
This will take you to the area where you enter rental income and expenses for a property.

This link explains rules on second homes and what deductions are appropriate based on the home's use:

http://blog.turbotax.intuit.com/tax-deductions-and-credits-2/home/how-do-property-taxes-on-second-ho...