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wa0jpy123
New Member

Where on the Minnesota state tax program do I list my gross income from the sale of a nonresident second home in Minnesota

 
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IreneS
Intuit Alumni

Where on the Minnesota state tax program do I list my gross income from the sale of a nonresident second home in Minnesota

UPDATED FOR TAX YEAR 2019

 

You should enter the sale on the federal return and the information will flow to the MN return.

If this was a second home and not a rental property, enter the sale as the sale of an investment, following these steps:

 

A sale of a second home is considered a sale of an investment.  To report this in TurboTax, please follow these steps:

  1. Click on Federal > Wages & Income
  2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
  3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
  4. Answer No on the screen, Did you get a 1099-B or brokerage statement…”
  5. On the screen, Choose the type of investment you sold, mark the button for
    Second Home and click Continue
  6. On the next screen, enter the sale information.  Be sure to enter the net proceeds and mark whether income taxes were withheld or not. 
  7. Continue through the screens, entering the requested information.

If the home was a rental property, enter the information in the Rental Properties and Royalties section of the Wages & Income screen.

 

 

[Edited | 4/15/2020 | 12:09pm PDT]

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1 Reply
IreneS
Intuit Alumni

Where on the Minnesota state tax program do I list my gross income from the sale of a nonresident second home in Minnesota

UPDATED FOR TAX YEAR 2019

 

You should enter the sale on the federal return and the information will flow to the MN return.

If this was a second home and not a rental property, enter the sale as the sale of an investment, following these steps:

 

A sale of a second home is considered a sale of an investment.  To report this in TurboTax, please follow these steps:

  1. Click on Federal > Wages & Income
  2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
  3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
  4. Answer No on the screen, Did you get a 1099-B or brokerage statement…”
  5. On the screen, Choose the type of investment you sold, mark the button for
    Second Home and click Continue
  6. On the next screen, enter the sale information.  Be sure to enter the net proceeds and mark whether income taxes were withheld or not. 
  7. Continue through the screens, entering the requested information.

If the home was a rental property, enter the information in the Rental Properties and Royalties section of the Wages & Income screen.

 

 

[Edited | 4/15/2020 | 12:09pm PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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