No, there's not a worksheet but you can calculate your adjusted cost basis by adding capital improvements made to the home plus any charges listed on the settlement statement added to the cost you paid for the home.
Refer to the TurboTax article Cost Basis: Tracking Your Tax Basis and Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes? for more information.
Hi. thank you for the quick reply. I was hoping turbo tax would just walk me through this calculation to be absolutely sure. So i will basically calculate the cost basis by adding any improvement costs (like built-ins I had a carpenter install) to my purchase price, along with closing costs?
TurboTax will walk you through the entry, but you have to enter the amount of your cost basis, so yes, add your improvement costs. You will be able to enter selling expenses when you enter the sale. See Pub 523 - Figuring Gain or Loss which covers closing costs and improvements.
I'm done entering the income proceeds and cost basis from the the sale of my second home, but the income is being reported under "Stocks, bonds, etc. (1099-B)", even though I selected "Other (land second homes, personal items) 1099-S. Is this a glitch in the software or the intended result? Thanks! Joe