Sale of second home

[hillga]

I have a question about the investment section where to enter Sale of Second Home. I'm using the  Home and Business edition.  Part of the section in investments is missing. No place for sale of second home or any other type of sale. Only 2 check boxes for stocks. Last years software had all boxes available.  I may be getting ahead of the game and updates but just want to make sure there is no glitch in my software. The last update was 1/21/2021. 

[tagteam · Accepted solution]

There is a new program calculation so the screen that was present in prior years is not necessary.

Simply enter the transaction in the same section as you mentioned in your post.

[reg-dora]

I am having the same problem . In addition I am seeing no depreciation carried forward from previous years. I have been through the depreciation section several times with no success.

[hillga]

So the whole section has changed from previous years? No need to put in address of home sold or other info. Just treat everything like a stock sale? It seems like there is a glitch somewhere. Also it shows this section is for a 1099B or 1099S..Only coming up with 1099B (broker) . Not sure why things changed. It was so easy before. 

[PaunchyPirate]

I agree that this is not cleanly working and I hope Intuit can address this in the application.  They have an online help article that was just edited this week on the entry of the sale of a second home and its instructions do not match the screen in the application.   Even if you proceed to use the current screen, the long term/short term pulldown menu still refers to boxes from a 1099-B form.  And if you fill out the data fields provided, the underlying worksheet forms populate with unclear data.  There is no reference to the sale of a second home at all.  This should be addressed better in the application.  The way it is now, I don't have any confidence that it is being handled correctly.  Too many loose ends.

[billsmith]

Yes they blew it in 2020.

So, Intuit was WORTHLESS in trying to get an answer as to why their instructions for the sale of a second home would not work as described in their help section. I’m sure I am not alone in this “non-support” of paying customers.

So, here’s how I did it.

Answer YES and NO as indicated in their worthless instructions and then click enter single sale.

This sets you up as if you are replicating a non-issued 1099-B. Continue to enter data and move to the next two pages. There it will eventually ask you if the proceeds are from a second home sale. Click the box to indicate that is true.

BUT it doesn’t help you much past that. Although to does generate a Form-8949 where you can then enter most of the info for proceeds, cost basis, codes for adjustment and adjustment amount. For the sale of a second home, the adjustment has to match any loss so the gain is zero (not a loss which is not allowed for the sale of personal use property such as a second home or vacation property.) – here I used the code “L”).

These values should be reflected in the Capital gain/loss worksheet(s) that are generated AND, in this case, the box for personal use property or vacation property should be checked, as well.

I had to go back to the 1099-B worksheet to override the financial institution name and add the lawyer’s Tax ID under reporting entity, since I could not find a way to edit the “No Financial Institution” the program puts there when you say no 1099-B was sent (because it was a 1099-S you got – Right?).

Certainly not a “We’ll walk you through it” scenario but it got the job done.

Take note INTUIT.

I am using Turb0Tax Home and Business 2020 on my Windows 10 PC.

[ColeenD3]

The program includes all you need in order to record the sale of a second home. You would enter your information in the Investment Section. See the screen shots below.

[PaunchyPirate]

What version of TurboTax are those screen shots from?  I am using TurboTax Premier 2020 installed on my desktop PC.    I see a "similar" screen to your first one.  But it is not identical.  I don't appear to be able to attach screen shots.  Mine says "Did you sell any investments in 2020?" and then lists Stocks, Bonds, Mutual Funds, A second home, Collectibles, Personal items.  It then says "Forms covered in this section:  1099-B, 1099-S, brokerage statements".   That's all that is on that screen.  I click "Yes" to continue.  It does NOT show the rest of your screens.  Instead, it directly goes to "Did  you get a 1099-B or a broker statement for these sales?".  I say NO.  It then says "Tell us about this sale."  I select "I'll enter one sale at a time".  It then presents a screen where I enter the same information I had to enter for my brokerage stock sales.  Nothing on this screen is specific to a sale of a second home.  

[billsmith]

That must be the online version of the program.

The PC version, which I CLEARLY STATED I was using does NOT work that way.

Here's my screen shots: As instructed, I answered YES to the first screen, NO to the next.

As you can see from the third screen, it DOES LOOK like your second screen.

Why is that?

If it worked the way yours did, I wouldn't have wasted most of my day trying to get turbo tax to generate a Form 8949 and figuring out how to fill it in so the resultant Sched D (1040) was correct.

If there is something I am still doing wrong (like following your help instructions), please let me know.

Thank You for looking into this. I have used turbo tax for many years.

Hey Coleen, I tried inserting photos into this post using the camera button, everything uploaded okay but when I clicked the post button, I got this error message: Your post has been changed because invalid HTML was found in the message body. The invalid HTML has been removed.

at that point the screen shots were gone from the reply message.

If you can tell me how to send them to you, I will.

[billsmith]

I have the same problem as PaunchyPriate using the PC version.

[tagteam]

---

@billsmith wrote:

As you can see from the third screen, it DOES LOOK like your second screen.

Why is that?

---

I think you meant to write it does not look the third screen in @ColeenD3's post because, you are correct; her screenshots are from an online version of TurboTax.

If you want to report the sale of something like a second home in a desktop version of TurboTax, then you need to just enter the transaction in the Investment Income section (without any explanation of the type of investment sold) or use Sale of Home in the Less Common Income section.

On the other hand, there is an outside chance the developers will add a screen similar to the one in the online versions in an update for the desktop versions.

[hillga]

I wish mine was like that where there was a drop down box to choose sale of second home. The only option I'm getting Is for 1099B stocks... I am still waiting for Turbo Tax to update this problem. I have been using Turbo Tax CD Home and Business edition for years and this is the first time I have had a glitch. I see other people are having problems so I believe its Turbo Taxes glitch.

[tagteam]

@hillga 

You can enter the transaction right now in the Investment Income section if you never rented the second home and took depreciation deductions. 

Just ensure that you check the box (on a subsequent screen) that any loss is not deductible because the loss is disallowed due to personal use.

[PaunchyPirate]

Well, if that's the situation, the least Intuit should do is to update the online help to address the issue.  That doesn't involve programmers' time and testing processes.  The help topic content does not match the desktop version experience and frankly is inadequate to explain why you're using such a screen for a second home sale when it's clearly a screen designed for stock sales.

[evchas2]

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.   I attempted multiple times and it keeps taking you back to the brokerage form B section.  Please fix this in next update