home sale

[gweeddtax]

Which category do I use to report capital gains on the sale of a family member's home? I am a part owner of the home, which is not my residence.

[HelenC12]

You would enter the sale of a second home in the investment section of TurboTax. Here are the instructions:   

1. Open or continue your return in TurboTax.
2. In the search box, search for sold second home and select the Jump to link in the search results.
3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2019? screen.
   • If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
4. Answer No to the 1099-B question.
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.

Related Information:

• Is the money I made from a home sale taxable?
• Where do I enter Form 1099-S?
• I sold my rental property. How do I report that?

For Source, click here. 

[shishirdahal]

I sold my second home, which I rented for 2 years (This was my primary residence for 3 years in last 5 years). I am using TurboTax Home & Business CD.

I have few questions (I am asking this here because, I could not find "As a Question" button which used to be there):

1. I am on a page where it is asking this question, what should I answer? "Was this asset included in the same of your main home"?

2. I have not got 1099-S yet but have requested it. What info do I need for this?

3. I lost the original HUD doc when I bought the home, does that matter?

[DaveF1006]

1. Yes, you will indicate that this asset was included in the sale of your main home. If it was, you may qualify to exclude some portion of the gain (if any) on the sale of the rental property
2. The 1099S is a form that reports the proceeds of the sale of the house. It may or may not reflect the settlement costs of the property.
3. The HUD document is important because it has the settlement costs you paid on the home to reduce your gain. I would request a copy from HUD because this is pertinent tax information that is beneficial to you to reduce your gain.

[shishirdahal]

Thanks a lot. This helps. Where do I contact to get my HUD document?

[JohnW222]

Either the title company or bank you worked with on the transaction should have the HUD documentation on file.

Your real estate agent also may have your information.