Yes, you are correct. However as our awesome Tax Expert @DawnC pointed out it must be two separate sales when you report it for tax purposes.
Add the cost of the furnishing (and/or FMV on the date your sold them if you're not sure of the cost) and the cost of the residence, including land. Divide each one by the total to arrive at the percentage of each. Use that percentage times the selling price and selling expense to arrive at the figures for each sale. The home and land will be your sale of your second home/vacation home and the personal items will be a separate sale which is not part of your vacation home.
As a reminder a loss on personal items is not allowed to offset other income on the tax return. A personal loss is ignored by the IRS.
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