I am trying to enter the sale of my second home into the investment income section and can't get to the screen that will let me select "Second Home."
I click on Wages & Income, then click on "Visit All" under "Investment Income." I then get a screen asking "Did you sell any investments in 2020? Under that heading it states Stocks, Bonds, Mutual funds, A Second home, Collectibles and Personal items. It then says "Forms covered in this section: 1099B, 1099S, brokerage statements.
I click "YES", I then get to a screen that says "Did you get a 1099B or a brokerage statements for these sales? I click on "NO."
The next screen only says "Tell us about this sale" and has two things to pick from. "I'll enter one sale at a time" OR "I'll enter a summary for each sales category."
Nowhere does it says anything about a second home! I originally had input all of my taxes up to this section using TurboTax Deluxe, but read you needed Premier to enter a second home, so I downloaded and updated the software to reflect the Premier software.
The identical screens come up in this section as with deluxe, except a new section added on called "Rental Property and Royalties, which doesn't help me.
Any help would be greatly appreciated. Pulling my hair out!!
You are in the proper section and simply need to enter the information from the sale of your second home.
Note that a subsequent screen will contain a box you will need to check if you sold your second home at a loss since losses from sales of personal use property are not deductible.
Further, if you have ever rented your second home and claimed depreciation deductions, you will need to use a different approach.