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Level 1
posted Mar 6, 2025 11:53:34 PM

TurboTax doesn't display loss when sales expenses exceed gain?

I entered the following sale of a second home in the investments section:

 

I purchased it, sold more than 1 year after purchase

proceeds: $889,000

amount paid: $869,000

sales expenses: $55,775

 

889000 - 869000 - 55775 = -35775, so I believe it should have a loss of $35,775. However, TurboTax displays it as a gain/loss of $0.

0 1 1777
1 Replies
Level 15
Mar 7, 2025 12:52:20 AM

sorry, but the tax code does not allow for a loss on the sale of a second home.