turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

garyloe
New Member

Bought single family house in Nov 2020, sold it in June 2021. I did not rent it. I did not live in it. Where do I report income?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Bought single family house in Nov 2020, sold it in June 2021. I did not rent it. I did not live in it. Where do I report income?

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

 

On the screen Did you sell stocks, mutual funds, bonds, or other investments in 2021? click on Yes

On the screen OK, let's start with one investment type click on Other and then on Continue

Continue past the screen Tell us more about this sale

On the screen Now we’ll walk you through entering your sale details, select the type of investment sold in the dropdown on What type of investment did you sell?

Continue with this section until it completes.

ColeenD3
Expert Alumni

Bought single family house in Nov 2020, sold it in June 2021. I did not rent it. I did not live in it. Where do I report income?

 

Report the sale of a "second home" in the Investment Section. Since it is not a rental nor your primary residence, it defaults to this category. If this were your personal home, there would be no loss allowed. If the property was purchased as an investment, then a loss may be possible.

 

TurboTax Online

  1. Open or continue your return
  2. In the search box, search for sold second home and select the Jump to link
  3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2021? screen
    • If you land on the Your investment sales summary screen, select Add More Sales
  4. On the OK, let's start with one investment type screen, select Other, then Continue
  5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
  6. On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.

 

Bought single family house in Nov 2020, sold it in June 2021. I did not rent it. I did not live in it. Where do I report income?

Could you explain the circumstances of this purchase and sale?  Was this a "flip" that you bought it with the intent to make improvements then sell at a profit?  If so, is this the first time you have done it, and are you intending to do it again?

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question