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I sold a summer cabin at a loss. Where do I report this?

 
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1 Reply
Phillip1
New Member

I sold a summer cabin at a loss. Where do I report this?

Losses on the sales of second homes or cabins are considered personal capital losses. Unfortunately, personal capital losses are not deductible and you don't need to claim the loss unless there was a 1099-S issued for the sale by the title company. 

If there was a 1099-S issued, you will enter the sales information in same section where capital gains from securities are reported. Follow this path in TurboTax:

  1. Go to the Federal Taxes category.
  2. Go to the Wages and Income subcategory.
  3. In the list of income items under the "Your Income" page, find the section labeled "Investment Income" and click Show more.
  4. Click start or revisit on the line labeled Stocks, Mutual Funds, Bonds, Other.
  5. Click yes, you did have a sale of an investment.
  6. Answer no, you do not have a Form 1099-B Broker statement.
  7. Choose the option for Second Home and click continue.
  8. Enter the Second Home Sale Information and hit continue.
  9. Indicate purchase method and hit continue.
  10. If the home had any business usage, indicate on the screen labeled "Any Business or Rental Use?" and hit continue.
  11. Enter the Cost Information and click continue.
  12. Assuming the home was personal use only, the program will indicate that no loss is deductible.
  13. If there was business usage, there will be additional questions.
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