topic If we sold a home in 2017 the adjusted cost basis appears to have already been calculated, but can we check to ensure 100k in improvements are included? It looks missing in Deductions & credits

If we sold a home in 2017 the adjusted cost basis appears to have already been calculated, but can we check to ensure 100k in improvements are included? It looks missing

john-brooks — Mon, 03 Jun 2019 17:21:49 GMT

we sold a house in 2017 - the adj cost basis was input automatically by turbotax, but looks extremely close to our orig purchase price in 2006, but not reflecting our $100K in improvements. I went to the form view - and the ACB worksheet quickzoom button does not work, so I can't see how that number was calculated. This makes a substantial differential in capital gains assessment if calculated incorrectly and we can't fix it. Help!

There are different entry points for improvements dependi...

Coleen3 — Mon, 03 Jun 2019 17:21:50 GMT

There are different entry points for improvements depending whether it is rental property, primary personal residence or second home. See below for personal:

If you still need to enter your sale of your primary residence (which may require an upgrade in TurboTax), please follow these steps:

Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
Next click on “I’ll choose what I work on”
Scroll down the screen until to come to the section “Less Common Income”
Choose “Sale of Home (gain or loss)” and select “start’
You will want to use the "Easy Guide" to determine the adjusted basis on this home

Say "yes" that you sold your main home and TurboTax will guide you on entering this information. You will need:

The date you sold your home and the selling price (from your closing statement)
The date you bought your home and the purchase price (from your closing statement)
The cost of any major improvements you made, so we can deduct them for you
Form 1099-C if you sold your home at a loss (short sale)

(See the attached screenshot below. Click to enlarge.)

Just remember to check the box to have your home sale reported on your tax return but ONLY if you receive a 1099-S

big help - thank you!

john-brooks — Mon, 03 Jun 2019 17:21:51 GMT

big help - thank you!

Re: There are different entry points for improvements dependi...

Ceebee37 — Fri, 31 Mar 2023 22:46:57 GMT

What about for a second home?

Re: big help - thank you!

TeresaM — Sat, 01 Apr 2023 13:35:03 GMT

Sale of your second home will go in the Wages and Income section, from the left menu. (If you lived in the home for two of the last 5 years or used this as a business property, it may qualify for other treatment.)

Scroll down to Investments and Savings and click on Show More
Click on Start or Revisit for Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Click to add an investment
On the Let's import your tax info screen, at the bottom click on Enter a different way

Select Other and click Continue

You do not need to have a Form 1099-B

You can list improvements, sales commissions, and other expenses on the next screen.