This is considered investment sale. You will report it in the investment section of TurboTax.
In TurboTax Desktop:
- Search for sold second home and select the Jump to link.
- Answer Yes on the Did you have investment income in 2024? screen, then Continue. If you land on the Your investments and savings screen, select Add Investments.
- Select Skip Import.
- Select Other
- Follow the onscreen instructions.
Enter the amount of gross proceed then, add the deductions/expenses to the cost basis of the land.
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