1099-s

[mwood1951]

How can I let Turbotax know about a problem entering a 1099-S sale of a second home? I follow the instructions and the second home option does not come up in 2020 Turbotax, must of come correctly in 2019 Turobotax. 

[MarilynG1]

In the Income Section, scroll down to 'Investment Income'.  You may have to click on 'Other Income' to see this section.

Click on 'Stocks, Mutual Funds, Bonds, Other'.

Continue through the section to enter details about the home sale and the 1099-S. 

[mwood1951]

I did that, never get the page for second home. 2020 Deluxe version wants me to upgrade. I'm beginning to think the Deluxe version does not contain second home sale.

[Irene2805]

TurboTax Deluxe does not handle the sale of investments like a second home.  You have to upgrade to the Premier edition.  But don't worry, all your information will transfer over when you upgrade.

[mwood1951]

upgraded to Premier, still no place to enter sale of second home. I guess I will have to go to a local tax preparer. That's too bad, I have used Turbotax for over 20 years.

[TomK100]

Try following Expert VictoriaD75's great explanation below:

The sale of a second home is entered in the Investment section.  You will need the Premier edition to report the sale.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

To enter this transaction in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Scroll down the screen until to come to the section “Investment Income”
4. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
5. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
6. Since you did not receive a 1099-B, answer “no” to the 1099-B question
7. Choose type of investment you sold - select Second Home
8. Some basic information:
   1. Description –  Usually the basic timeshare information
   2. Sales Proceeds – Net proceeds from the sale 
   3. Date Sold – Date you sold the property

[mwood1951]

I did that, again there is no place or question about sale of second not your main home. Endless loop. That part has been left out. might have worked in 2019. Step 7. is missing.

[DMarkM1]

In TurboTax Online the steps outlined above by @VictoriaD75 appear to work. 

Having said that, in TurboTax Desktop Premier, since you have a 1099S follow these steps.

1.  Select that you have a 1099-B

2.  Select or enter Brokerage that issued the 1099-S

3.  Enter in the description box "2nd home"

4.  Put in the sales information as applicable from the 1099-S. 

5.  The date acquired and cost information from your purchase documents with the cost of any improvements included can be added as well.

6.  Select "Long term box f" in the holding period dropdown.   

7. If there are some selling costs, you can enter a couple of pages later that is entitled "Less common adjustments". 

[Critter]

They actually made the entry even easier than the past ...  follow the screens then look at the Sch D & 8949 later to confirm the sale ...

[mwood1951]

That makes look like an investment. It was a house that is part of an inheritance that has a new base. No tax is due as there was no capital gain.

[Critter]

OK ...  it goes on the Sch D and 8949 just like every other investment sale per the IRS rules.

In fact if you consider the cost of sale on an inherited property you really should have a deductible loss to report ... choose the INHERIT option when asked how you received this investment and it will automatically make the sale long term. 

[mwood1951]

I need to know how you got to that page because no matter what I try that page does not come up.

[DoninGA]

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@mwood1951 wrote:

I need to know how you got to that page because no matter what I try that page does not come up.

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TurboTax Online editions -
To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Under Investment Income
• On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the screen Did you sell stocks, mutual funds, bonds, or other investments in 2020? click on Yes

On the screen OK, what type of investments did you sell? click on Other and then on Continue

Continue past the screen Tell us more about this sale

On the screen Now we’ll walk you through entering your sale details, select the type of investment sold in the dropdown on What type of investment did you sell?

Continue with this section until it completes.

[mwood1951]

This is the page I get

[DoninGA]

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@mwood1951 wrote:

This is the page I get

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You are using the TurboTax desktop editions.  The procedure given was for the TurboTax online editions.

TurboTax changed the screens for the desktop editions and has made it difficult to enter investment sales other than those reported on a Form 1099-B.  

You will need to contact TurboTax support for assistance on how to enter a Second Home sale when using the desktop editions.

Use this website to contact TurboTax support during business hours - https://support.turbotax.intuit.com/contact/

Or -

Support can also be reached by messaging them on these pages https://www.facebook.com/turbotax/ and https://twitter.com/TeamTurboTax

Or -

Use this phone number and select TurboTax - 1-800-4-INTUIT (1-800-446-8848)