RaifH
Expert Alumni

Investors & landlords

To enter a 1099S for the sale of a second home, you will want to select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) in the Federal > Wages and Income > Investment Income section of your tax return. You will then select Other under OK, let's start with one investment type.  Under What type of investment did you sell? select Second Home. If this home was ever used for a rental or other business purposes, it would need to be reported in the Sale of Business Property section in the Federal > Wages and Income > Other Business Situations section of your return.

 

Second homes are not eligible for the exclusion of gain from a main home. If you realized a gain, it would be taxed at the long-term capital gain rate if you held it longer than a year. Losses on second homes are not deductible. 

 

@carlhinkle1