You will report that in the same section that report stock sales. Here is how to report the sales of investment property in TurboTax Home & Business. Because it is not your primary residence it is not eligible for the exclusion of gain on the sale. To enter the sale in TurboTax:
- Click on "Search" and type in "1099-b"
- Click on "Jump to 1099-b"
- On the page with "Did you sell any of these investments in 2023?" scroll down and answer Yes
- Select "Other" and then click on "Continue"
- Type in something like "Vacation House" instead of a broker, and click on Continue
- On the "Now enter one sale of "Vacation House]" Click on the drop down menu for "What type of investment did you sell?" and select Second Home
- Continue and enter the details of your sale. Be sure to adjust your sales proceeds by the amount of any sales expenses, such as commission, advertising, closing costs paid, etc. Also be sure to adjust your cost basis for any improvements you made to the property.
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