You would not need to enter it unless there was a gain on the sale or you received a 1099-S, because you can't take a loss on personal property. If you do need to report it, follow the steps below.Report the sale inthe investment section of TurboTax. Follow these instructions: Open your return in TurboTax. (To do this, sign in to TurboTax and click the orange Take me to my return button.) In the search box, search for sold second home (use this exact phrase) and then click the "Jump to" link in the search results. Answer Yes on the Did You Sell Any Investments in 2018? screen. If you land on the Here's the investment sales info we have so far screen, click Add More Sales. Answer No to the 1099-B question. On the next screen, select Second Home (choose this also for inherited homes) or Land. Click Continue. Follow the on-screen instructions to completion.Note: Whether youhad a loan on the property or how much cash you received at closing doesn'tmatter to the IRS. The IRS will tax you on the profit from the sale, if any.In simple terms, theGross Proceeds minus Expense of Sale (ifneeded) minus Original Purchase Price minus Improvements (expenses for new roof, kitchenremodel, etc.) equals Your Taxable Profit.TurboTax will askyou all the necessary questions to determine if you have a profit or loss onthe sale.

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mlocjr

Level 1

Solved

I sold a non rental vacation condo where do I enter this.

Forum|Forum|7 years ago
June 1, 2019
2 replies
20 views

No text available

TurboTax Premier Windows

Best answer by

You would not need to enter it unless there was a gain on the sale or you received a 1099-S, because you can't take a loss on personal property. If you do need to report it, follow the steps below.

Report the sale in the investment section of TurboTax. Follow these instructions:

Open your return in TurboTax.
(To do this, sign in to TurboTax and click the orange Take me to my return button.)
In the search box, search for sold second home (use this exact phrase) and then click the "Jump to" link in the search results.
Answer Yes on the Did You Sell Any Investments in 2018? screen.

If you land on the Here's the investment sales info we have so far screen, click Add More Sales.

Answer No to the 1099-B question.

On the next screen, select Second Home (choose this also for inherited homes) or Land. Click Continue.

Follow the on-screen instructions to completion.

Note: Whether you had a loan on the property or how much cash you received at closing doesn't matter to the IRS. The IRS will tax you on the profit from the sale, if any.

In simple terms, the Gross Proceeds minus Expense of Sale (if needed) minus Original Purchase Price minus Improvements (expenses for new roof, kitchen remodel, etc.) equals Your Taxable Profit.

TurboTax will ask you all the necessary questions to determine if you have a profit or loss on the sale.

BobinCT

Level 8

Did you receive a 1099-S tax form in connection with the sale? Did you sell if for more than you paid?

Anonymous

Answer