See the instructions to properly enter the sale of your second home.
Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft.
To enter that sale of a second home in TurboTax Online:
- Open or continue your return.
- In the search box, search for sold second home and select the Jump to link in the search results.
- Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2020? screen.
- If you land on the Your investment sales summary screen, select Add More Sales.
- On the OK, what type of investments did you sell? screen, select Other then Continue.
- On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale.
- On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.
To enter sale of a second home if you're using the CD\Download version, click on TurboTax CD/Download.
Related Information:
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
