You'll need to sign in or create an account to connect with an expert.
The sale of a house would be reported on Form 1099-S. You don't need this form to report the sale.
Although the sale of a primary residence allows you to exclude $250,000 in gains ($500,000 if filing jointly), the sale of a second home is subject to capital gains tax.
In TurboTax Online, you would report the income under Federal Taxes > Income > Investment Income > Stocks, Mutual Funds, Bonds, Other. The type of investment would be Everything else.
For the basis, enter your purchase price plus the cost of any improvements you made to the house plus the costs of sale.
The sale of a house would be reported on Form 1099-S. You don't need this form to report the sale.
Although the sale of a primary residence allows you to exclude $250,000 in gains ($500,000 if filing jointly), the sale of a second home is subject to capital gains tax.
In TurboTax Online, you would report the income under Federal Taxes > Income > Investment Income > Stocks, Mutual Funds, Bonds, Other. The type of investment would be Everything else.
For the basis, enter your purchase price plus the cost of any improvements you made to the house plus the costs of sale.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
zzsleeper
New Member
debbil
New Member
aad0936344
New Member
user137406094
New Member
babylayla2023
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.