Second home sale

[TruthSeeker]

I am using the 2024 Premier version of TurboTax.

I received a 1099-s from my title company for the sale of an inherited second home (I live in Colorado; the inherited home was in NJ)  The inherited home was acquired approximately 10/20/21 and sold 10/4/24 (almost 3-years later.)  When I navigate through the TurboTax menus to report it under Investment income, I choose the option to enter a 1099-s and correctly enter all information regarding the sale of my second home.

I have reviewed and re-reviewed several times all the options to include 1099-s and followed the correct steps however each time when I go to look at what has been added to my return it is 1099-b.

1.          Shouldn’t it be a 1099-s?

2.      Is there a place to enter

        a.  the TIN

       b.  date the property was acquired

       c.  address of the property (I have been unable to locate where these items go)

3.        Given this scenario of the inherited second home being in another state, does NJ require taxes on the sale when I am already paying state taxes in Colorado?

4.         If I decide to add a second state tax return using the Premier TurboTax which I already purchased, how much would TurboTax charge now versus later in the year?

5.         Using the same Premier program I currently have will TurboTax charge added fees to amend the return?

[Mike9241]

1.          Shouldn’t it be a 1099-s?

Doesn't matter

2.      Is there a place to enter

        a.  the TIN - not needed 

       b.  date the property was acquired - type in "inherited" no quotes 

       c.  address of the property (I have been unable to locate where these items go) . yuo could enter for description 2nd house  281 apple NJ

you're reporting on Form 8949 (type F), which only requires description, dates acquired and sold, sales price and tax cost (tax cost would include selling expenses) 

3.        Given this scenario of the inherited second home being in another state, does NJ require taxes on the sale when I am already paying state taxes in Colorado? Probably, but I'm not familiar with NJ law. If it is taxable in NJ, CO will give you some sort of tax credit for the taxes paid to NJ.  If it is taxable in NJ, You should do that state first because there have been issues with the tax credit your resident state gives you when you do them in reverse. 

4.         If I decide to add a second state tax return using the Premier TurboTax which I already purchased, how much would TurboTax charge now versus later in the year

a second state costs $45.  (from online tab - select download state and select NJ)

If NJ filing is required,  the question "did you earn income in another state (meaning NJ)?" should be answered yes. then enter select NJ