turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have a 2nd home which i took a 64k loan to buy/flip another house. I sold that house for 129400. Question can i deduct the 64k-closing costs and rehab costs? Also where on turbo tax do i enter this

 
This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Talk to a live expert to get the help you need.
1 Reply
ThomasM125
Expert Alumni

I have a 2nd home which i took a 64k loan to buy/flip another house. I sold that house for 129400. Question can i deduct the 64k-closing costs and rehab costs? Also where on turbo tax do i enter this

You can deduct the cost of the home plus improvements you made to it. The loan payoff is of no consequence, the cost (basis) of the home is the purchase price plus improvements.

 

You will enter it in TurboTax as a sale of investment as follows:

 

1. Find the "Income and Expenses" menu option in your TurboTax program

2. Find "Investment Income" in the list of categories

3. Click on "Stocks, Mutual Funds, Bonds and Other"

4. Work through the program to find "Choose the type of Investment you Sold"

5. Choose the "Second Home" option in the list of investments

6. Enter the information requested about your sale (date purchased, sale amount, cost, etc)

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v