DianeW777
Expert Alumni

Retirement tax questions

The second home sale can be entered into TurboTax CD or Desktop version by following the steps below. You do not use the Form 1099-S as an entry form.

  1. Open your TurboTax account > Select the Personal tab then Personal Income > I'll choose what I want to work on
  2. Scroll to Investment Income > Select Stocks, Mutual Funds, Bonds, Other > Start or Update
  3. Add or Edit your sale that is NOT reported on a Form 1099-B > Select to enter a summary of each sale (you only have one)
  4. Enter the Total Proceeds > Cost Basis (includes any capital improvements while you owned the property)
  5. Enter the holding period - if you owned the property for more than one year the it is long term, one year or less is short term
  6. Continue to finish your sale.  

The gain from the sale will be fully taxable because a second home is not eligible for the home sale exclusion. See the image below for assistance. Whether you specifically select Second Home is not relevant for the tax return itself.

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