Sale of second home

[Anonymous_]

---

@evchas2 wrote:

You need to update this section because it only brings up the brokerage information.   Folks cannot access the drop downs for sale of a second home.  

---

They are most likely not going to update that section. You simply have to indicate that you did not receive a 1099-B and proceed from that point.

There is little to no difference in entering the sale of a stock versus entering the sale of a second home unless the home had been used for rental purposes at some point.

[sope]

I have the same issue that others with the PC desktop version (mine is Premier) are having. This is very frustrating...

[lcrabb]

What program are you using? Online turbo tax or the CD for windows?

[Anonymous_]

---

@sope wrote:

I have the same issue that others with the PC desktop version (mine is Premier) are having. This is very frustrating...

---

Frustrating or not this, apparently, is the new design for the desktop versions.

[lcrabb]

@ColeenD3  Is this the online version of turbo tax that you took these screen shots ?

[ColeenD3]

Yes.

[notme1]

TurboTax Deluxe (download WIN) for 2020 does not handle the sale of a second home.

I want my $75 back.

The pseudo-answers given on website do NOT work.

Cannot get through to TECH SUPPORT.  I have talked with Tax support experts and they agree that the software is not working.....

[DoninGA]

@notme1 

Go to this TurboTax website to request a refund for the software purchased from TurboTax - https://support.turbotax.intuit.com/forms/refund-request.jsp
Use this TurboTax website to check your orders and payments -
https://turbotax.intuit.com/personal-taxes/cd-download/order-status/

[jigamaree]

I hope this works! I inherited some farm land, no house on it, and sold it shortly after getting it. I have been trying to figure out how to enter it with no luck.

I opened up last years turbotax and the options are all there so the big question is why did it go away this year?

[MayaD]

The sale of inherited land is reported as a sale of an investment.

To enter the information in the TurboTax Desktop: 

1. Click on Federal 
2.  go to  Wages & Income
3. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
4. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
5. Answer No on the screen, Did you get a 1099-B or brokerage statement…”
6. On the screen, Choose the type of investment you sold, mark the button for Land and click Continue. 
7. On the next screen, enter the land sale information.  Be sure to enter the net proceeds and mark whether income taxes were withheld or not. 
8. Continue through the screens, entering the requested information.

You need TurboTax premier or higher to enter the sale of Investment

[DoninGA]

---

@MayaD wrote:

The sale of inherited land is reported as a sale of an investment.

To enter the information in the TurboTax Desktop: 

1. Click on Federal 
2.  go to  Wages & Income
3. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
4. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
5. Answer No on the screen, Did you get a 1099-B or brokerage statement…”
6. On the screen, Choose the type of investment you sold, mark the button for Land and click Continue. 
7. On the next screen, enter the land sale information.  Be sure to enter the net proceeds and mark whether income taxes were withheld or not. 
8. Continue through the screens, entering the requested information.

You need TurboTax premier or higher to enter the sale of Investment

---

That procedure is no longer accurate for a 2020 desktop edition.  There isn't a selection for choosing the type of investment sold.

[TomD4]

So I spent two days trying to figure out why this wasn't working the way all of the online help articles say.  Then I found a response that said I needed Premier.  So I spent another $54 to upgrade from Deluxe.  I installed Premier yesterday only to find the same thing.  I just found this thread and see that they are saying that things have changed and to just treat it as an ordinary investment which means I probably could have stayed with Deluxe and saved $54!  Why can't the developers leave well enough alone.  If it ain't broke, don't fix it!  I am really annoyed.

[PaunchyPirate]

TurboTax desktop version downloaded a new update for me this morning.  The online help has been modified for the "Sale of Second Home" topic.  It now includes 2 links -- one for the process in the online version and one for the process in the downloaded/CD/Desktop version.  The desktop version of the help now matches the actual screens.  However, the basic process has not changed in the application.  Intuit clearly just wants us to use the same screen for all investment types.  There is now a second screen of entry fields that I cannot remember if it was there previously or not.  It prompts for accrued market discount, wash sale loss disallowed, proceeds from collectibles, federal tax withheld, state tax withheld, state ID number.  None of those particularly relate to a sale of a second home however.  

In my situation, I guess the minimal fields they provide will suffice for me to file the info about my second home sale.  Looking at the IRS instructions for my situation, I think Turbotax is entering the right data in the right forms.  But it still feels like a "dirty" transaction to me given that the software doesn't specifically address the situation more naturally.  I'm disappointed in Intuit and will likely consider other options going forward.  

[cracomb]

I am using 2020 TurboTax Premier and cannot find this screen that you used for the screenshot.

[ColeenD3]

@cracomb

My screenshot is from the online program. You will not see it in the Desktop version.