We bought house near kids May 2015, we were not able to sell first home and did not move in, kids now leaving that area, what are the tax implications if we now sell it?

turbotgrid — Tue, 04 Jun 2019 19:49:31 GMT

If your question is regarding the sale of your May 2015 h...

MichaelDC — Tue, 04 Jun 2019 19:49:32 GMT

If your question is regarding the sale of your May 2015 home:

Since this house was never used by you or rented, you will treat it as an investment. For the purposes of gain, it is treated the same as a second (vacation) home. Although, since it's an investment (no personal use), you're able to claim a loss (if any). The reason the gain is taxable is that it wasn't your primary home for 2 of the last 5 years.

If you have any other details regarding this question, please feel free to post them in the comment section.

If you sold the home, follow these instructions:

1. Open your return in TurboTax.
(To do this, sign in to TurboTax and click the blue Take me to my return button.)

2. In the search box, search for sold second home (use this exact phrase) and then click the "Jump to" link in the search results.

3. Answer Yes on the Did You Sell Any Investments in 2017? screen.

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

4. Answer No to the 1099-B question.

5. On the next screen, select Second Home (choose this also for inherited homes) or Land. If it was strictly for investment use, select Everything Else. Click Continue.

6. Follow the on-screen instructions to completion.

topic We bought house near kids May 2015, we were not able to sell first home and did not move in, kids now leaving that area, what are the tax implications if we now sell it? in Deductions & credits

We bought house near kids May 2015, we were not able to sell first home and did not move in, kids now leaving that area, what are the tax implications if we now sell it?

If your question is regarding the sale of your May 2015 h...