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New Member

I have a 1099S from the sale of a timeshare and need to know how to enter it

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New Member

I have a 1099S from the sale of a timeshare and need to know how to enter it

Sale of a Second or Investment Home -

To enter this transaction in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information (see step 6 below)  

Alternatively, 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. Next click on “I’ll choose what I work on” (jump to full list or see more income)
  4. Scroll down the screen until to come to the section “Investment Income”
  5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
  6. 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)
  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 (or everything else if investment home)
  9. Some basic information:
    1. Description –  Usually the address of the property sold
    2. Net Proceeds – Net proceeds from the sale 
    3. Date Sold – Date you sold the property
  10. Tell us how you acquired the property - purchased
  11. Any business or rental use? - if no, then select personal use only (Please note, if personal use only, you will not be able to deduct the capital loss since no capital loss is allowed for a personal use capital asset.)
  12. Some Basis information
    1. Date Acquired
    2. Original cost basis
    3. Cost of improvements

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