topic Sold second home in Deductions & credits

Sold second home

rogerthresher — Thu, 06 Jun 2019 09:30:47 GMT

can't find where to enter 1099-s

Please follow steps below to enter second home sale. The...

MargaretL — Thu, 06 Jun 2019 09:30:47 GMT

Please follow steps below to enter second home sale. The actual form 1099-S is not reported (you won't fine box for box identical data entry), but the information from it is needed:

Federal Taxes
Wages and Income
Scroll down to Investment Income
Select Stocks, Mutual Funds, bonds, Other
Indicate that 1099-B/brokerage statement was not received for the sale, continue through the interview.
On the screen Choose the type of investment you sold, select Second Home - you will be asked to enter the net proceeds, the date of sale, how you acquired the property and then the cost basis of the home (original cost and improvements).

Re: Please follow steps below to enter second home sale. The...

mercur81 — Sat, 23 Jan 2021 03:30:02 GMT

I purchased TurboTax Deluxe 2020. The instructions you posted don't work. I upgraded to Premier and the instructions still don't work.

Re: Sold second home

LinaJ2020 — Sat, 23 Jan 2021 04:16:58 GMT

Here are the steps:

In TurboTax online,

After sign into your account, select Pick up where you left off
At upper right corner, search for this exact phrase: sold second home
In the search results, click Jump to sold second home
Answer Yes on the screen, Did You Sell Any Investments?
Follow prompts. On screen, Choose the type of investment you sold - select Other
Next screen, Tell us more about this sale, enter info
On screen Now we'll walk you through entering your sale details, at the drop down arrow, select Second home and fill in all required fields. Continue to proceed
See image

@mercur81

@rogerthresher

Re: Sold second home

psgreniger — Sat, 30 Jan 2021 20:53:26 GMT

I sold a second home and purchased Turbo Tax Premier so I can report the sale. My Turbo tax does follow the same directions that was posted. My screens are as follows:

I clicked on the Stocks, Mutual Funds, Bonds, Other selection of the Investment Income section
The first page asks Did you sell any Investments in2020? I clicked on Yes
The next page is Did you get a 1099-B or a brokerage statement for these sales? I clicked on No
The next page asks Tell us about this sale. I clicked on I'll enter one sale at a time. It brings up boxes for me to enter information from a 1099-B and it won't let me continue without completing that and I did not get a 1099-B I have a 1099-S. So them I tried to not click anything on that page and just click continue.
The next page asks Do you know your capital loss carryover amounts? That does not apply so I just click continue again and it won't let me continue without selecting but nothing applied to me.
I can't get to a page that is indicated in the instructions where I can enter a 1099-s.

Any help or further instructions would be super helpful.

Thank you! Penny Greniger

Re: Sold second home

JamesG1 — Sun, 31 Jan 2021 16:17:46 GMT

To report the 1099-S sale of second home, follow these steps:

In the upper right hand corner of the screen click on the magnifying glass Search icon.
Type sold second home. Hit enter.
Click on Jump to sold second home.
At the screen Did you sell and stocks…., click Yes.

Answer the questions in TurboTax to see how much gain, if any, may be excluded. Gain that is not eligible for exclusion will be reported on Schedule D.

See also IRS Publication 523 Selling Your Home and this TurboTax Help.