Yes they blew it in 2020.
So, Intuit was WORTHLESS in trying to get an answer as to why their instructions for the sale of a second home would not work as described in their help section. I’m sure I am not alone in this “non-support” of paying customers.
So, here’s how I did it.
Answer YES and NO as indicated in their worthless instructions and then click enter single sale.
This sets you up as if you are replicating a non-issued 1099-B. Continue to enter data and move to the next two pages. There it will eventually ask you if the proceeds are from a second home sale. Click the box to indicate that is true.
BUT it doesn’t help you much past that. Although to does generate a Form-8949 where you can then enter most of the info for proceeds, cost basis, codes for adjustment and adjustment amount. For the sale of a second home, the adjustment has to match any loss so the gain is zero (not a loss which is not allowed for the sale of personal use property such as a second home or vacation property.) – here I used the code “L”).
These values should be reflected in the Capital gain/loss worksheet(s) that are generated AND, in this case, the box for personal use property or vacation property should be checked, as well.
I had to go back to the 1099-B worksheet to override the financial institution name and add the lawyer’s Tax ID under reporting entity, since I could not find a way to edit the “No Financial Institution” the program puts there when you say no 1099-B was sent (because it was a 1099-S you got – Right?).
Certainly not a “We’ll walk you through it” scenario but it got the job done.
Take note INTUIT.
I am using Turb0Tax Home and Business 2020 on my Windows 10 PC.
