topic Second home sale not primary residence. Not investment in Deductions & credits

Second home sale not primary residence. Not investment

sbpleasant65 — Tue, 04 Jun 2019 23:35:10 GMT

I sold a home that was purchased and used for my dependents to live in while attending college. How do I enter this in turbo tax. Are there capital gains on non rental, non investment, second home property?

If you sold the second home for more than you paid for it...

jerry2000 — Tue, 04 Jun 2019 23:35:11 GMT

If you sold the second home for more than you paid for it, yes, you have a taxable capital gain.
To enter the sale
click on
Federal Taxes
then on
Wages & Income
then on
I'll choose what I work on OR Jump to Full list
scroll down to
Investment income
on the
Stocks, Bonds, Mutual Funds, Other line click start or update
answer no to the 1099-B/brokerage question and click continue
check the appropriate box, click Continue and follow the interview

For a second home, or any personal use property, for that matter, a loss on sale is not deductible, but a gain on sale is taxable as a short or long term capital gain.

1. After sign in, select Take me to my return / 2. At t...

LinaJ2018 — Tue, 04 Jun 2019 23:35:13 GMT

1. After sign in, select Take me to my return /

2. At the right upper corner, in the search box type in sale of second home then press Enter /

3. Select the 1st choice on the search results - Jump to sale of second home /

4. Program will take you directly to screen, Did you sell any investments in 2015 ? / select Yes.

5. Under Choose the type of investment you sold, select Second Home and follow through the prompts.

A gain on sale is taxable as a short or long term capital gain and no deduction on loss of sale.