we purchased cabin A 26 years ago for 25K. this tear we purchased cabin B for 95K and marketed cabin A and sold it for 132K. again we do not own the lot but long term lease from a municipality
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Yes, assuming the cabin is used as a second home/vacation home it is a personal capital asset and gains on the sale of the asset are capital gains. (Note- Sale of personal property, such as vehicle, for more than the purchase price is also a capital gain)
To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.
On the next screen, click Yes
On the next screen, click No
On the next screen, choose the option that pertains to the type of investment sale you are reporting and continue with the section until it completes.
Or enter investment sales in the Search box located in the upper right of the online program screen. Click on Jump to investment sales
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