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dharriet
New Member

If I sold an interest in a joint ownership of a home in Wyoming where on turbo tax do I report this amount?

 
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IsabellaG
Expert Alumni

If I sold an interest in a joint ownership of a home in Wyoming where on turbo tax do I report this amount?

If this  home was purchased as an investment

  1. In TurboTax Self-Employed, go to Federal, and Choose Income and Expenses.
  2. Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.
  3. On the  screen Choose the type of investment you sold choose Everything Else.
  4. Continue to enter the information on your sale.

If this home was  a vacation or second home, on the screen Choose the type of investment you sold, choose Second Home. If the property was used for personal purposes, you would not be allowed to deduct a loss on the sale.

If this was your main home, instead of going to Investment Income, and scroll down to Less Common Income, and choose Sale of Home. If you sold your main home in 2017, we'll determine if you need to report the sale on your tax return. Generally, profits of up to $250,000 (up to $500,000 on a joint tax return) do not need to be reported to the IRS. We’ll figure this out for you.

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1 Reply
IsabellaG
Expert Alumni

If I sold an interest in a joint ownership of a home in Wyoming where on turbo tax do I report this amount?

If this  home was purchased as an investment

  1. In TurboTax Self-Employed, go to Federal, and Choose Income and Expenses.
  2. Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.
  3. On the  screen Choose the type of investment you sold choose Everything Else.
  4. Continue to enter the information on your sale.

If this home was  a vacation or second home, on the screen Choose the type of investment you sold, choose Second Home. If the property was used for personal purposes, you would not be allowed to deduct a loss on the sale.

If this was your main home, instead of going to Investment Income, and scroll down to Less Common Income, and choose Sale of Home. If you sold your main home in 2017, we'll determine if you need to report the sale on your tax return. Generally, profits of up to $250,000 (up to $500,000 on a joint tax return) do not need to be reported to the IRS. We’ll figure this out for you.

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