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jlsproul
New Member

Adjust Cost Basis Second Home

WHERE do I adjust the cost basis of a second home I sold.  I know the basis from the repairs made to sell the house.  However, on the investment section for the 1099-B it specially states leave as $0 and we will help you adjust.  Only, there is not help.

Anyone know where to enter?

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3 Replies
PattiF
Expert Alumni

Adjust Cost Basis Second Home

Since you did not receive a 1099-B for the sale of your second home, you should not be receiving this message about the 1099-B.

 

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” 
  5. Select Other
  6. The first screen will ask if you sold any investments during the current tax year
  7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
  8. Choose type of investment you sold - select Second Home
  9. Some basic information:
    1. Description –  address
    2. Sales Proceeds – Net proceeds from the sale 
    3. Date Sold – Date you sold the property
    4. Cost basis - From your Information
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jlsproul
New Member

Adjust Cost Basis Second Home

This section is not asking if I received a 1099.  Therefore it is automatically checking the wrong box on the 8949. How can I change this?  Does the 8949 transmit electronically?

 

AmyC
Employee Tax Expert

Adjust Cost Basis Second Home

For the form 8949, either box C or box F should be checked since it is not on a 1099-B. You may need to review your steps to be sure you selected second home.

 

If you are using the desktop version, you can switch to Forms mode to make the correction and go back through step-by-step to pick it up. Be sure there are no overrides in forms mode when done.

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