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kande3333
New Member

For the sale of a second home, where do i enter expenses of that second home that should be deducted from total profit from the sale?

 
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3 Replies
DawnC
Expert Alumni

For the sale of a second home, where do i enter expenses of that second home that should be deducted from total profit from the sale?

After you enter the details of the sale, you will come to a screen that asks Let us know if any of these situations apply to this sale?   Put a checkmark in the box next to I paid sales expenses that aren't included in the sale proceeds reported on the form.  

 

Examples of items to include here:

  • Wire transfer fees
  • Phone or Fax fees
  • Express delivery fees

Where do I enter the sale of a second home?

 

If you received a Form 1099-B or Form 1099-S, and the amount you received from the sale was less than the price reported on the Form 1099 because of selling fees or expenses that were deducted from the sale proceeds, select this box.  Checking this box will add adjustment code E to this sale and reduce the gain (or increase the loss) by the amount of selling fees you enter.

 


 

 

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kande3333
New Member

For the sale of a second home, where do i enter expenses of that second home that should be deducted from total profit from the sale?

Thank you but I was looking for a place to add expenses such as bathroom remodel, kitchen remodel, etc.  How do I include these line items?

For the sale of a second home, where do i enter expenses of that second home that should be deducted from total profit from the sale?


@kande3333 wrote:

Thank you but I was looking for a place to add expenses such as bathroom remodel, kitchen remodel, etc.  How do I include these line items?


Those are improvement costs which are included in the Adjusted Basis of the home.

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