I sold 3 homes last year, NONE of them were my primary residence. 1 was inherited in 2014. TurboTax, only lets me add 2. Where do I put the investment properties?

[patrickschultz71]

Hello, I sold three houses last year.  One of them was my deceased parent's place which I inherited in 2014.  The other two houses were flips which I sold as investment properties.  NONE of the homes were my primary residence.

TurboTax only allows me to add two of them to the tax return.  Where do I add the third home?  Also is there any significance to how I list the inherited home, since it was not used as an investment property?

Under "Home Sales Summary" it claims "Here's what we have so far.  You can Add, Edit (Change) or Delete main home sales.  YOU HAVE ENTERED THE MAXIMUM NUMBER OF HOME SALES."  From there, I have two homes listed, but not the third and final home.  I believe that I am using "Premier".

Please advise.

[ColeenD3 · Accepted solution]

You are entering it as a primary residence:  "Delete main home sales." 

You will enter them all in the Investment section. It will be considered "other". You will definitely include the fact of the inheritance on one of them. See the screen shot at the bottom. In the first drop down box, you will find, "inherited".

Please see Irene2805's answer in this LINK for how to enter, depending if you are using desktop or online.

[freezer922]

I sold 3 houses last year, one of which was my primary residence.  How do I add the third house to my 2022 taxes using Turbo Tax deluxe?

[JosephS1]

You can enter the home sales in any order you wish but I suggest you enter the sale of your personal residence first (just the way I would do it).  Then go through the dispositions of the other 2 homes.  The following steps should assist in entering your personal residence sale and then I will highlight the other sales.  The entries and screenshots are from TurboTax online; TurboTax desktop is similar but not exactly the same.

1. On the left side of your screen, click on "Wages & income".
2. Scroll down to the bottom and click on the down arrow then towards the bottom for "Sale of Home" and click on "Start" or "Revisit"
3. Since you sold your home answer yes, then continue on the next page
4. Enter the ownership and address of the home sold
5. Enter the information requested.  If you received a 1099-S, answer yes, then the date sold, selling price, and sales expenses.  The sales expenses are typically real estate commissions, transfer taxes and recording fees.  Click continue
6. Enter the date bought or acquired and the adjusted cost basis.  The adjusted cost basis is usually the original purchase price plus closing costs plus any improvements made over the years.  Click continue
7. You will be asked if you lived in the home more than 24 months.  If yes, as is most common, click yes, if no, then click no.  For the sake of this answer I will use the yes answer.
8. If this was only your primary home and you did not rent it out or deduct any business expenses, such as a home office, answer no, then continue.
9. The next screens you will answer no as you indicated only one of the sales was your personal home.  Once those questions are answered the Exclusion of Gain screen will appear showing that you do not have to pay tax on the sale.

The other homes sold will need to be reported depending on what their status was before being sold.  Were either a rental property?  If so you would handle the sale from the rental screens.  If they were both investment properties only you would report the sale as you would any other investment sale, such as stocks, etc.

Again, navigate to Wages & Income, scroll to Investments & Savings, click on the down arrow for show more and then "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), and click on "Start" or "Revisit"

If you previously entered investment transactions click on "Edit/Add"

Scroll to the bottom and click on +Add investments, then continue, enter a different way, then click and highlight "Other" and click continue

Answer the questions as you come to them.  The first would be the broker or individual who handled the sale.

Next, enter the information about the sale; dates, sales price, cost basis.  The dates and numbers are for example purposes only.

Click Continue

If you paid additional sales or other expenses in the sale click the box, if not click none of these apply and click continue.  You will then see the Review screen showing the sale you just entered.

Since you state you sold 2 non-personal residence homes, you will repeat the process from above to enter the last sale.  When that is complete you will click continue and then you will return to the Investments and savings summary screen.  You can proceed with your return from there.  

@freezer922 

[Mobydog]

Purchased property, primary residence, in 1996, fire destroyed home in 2013, sold land with incidental building 2023.  Received 1099S from closing attorney.

Question, should I've received a 1099S or a different form??

[Vanessa A]

Yes, if you sold real estate you should have received a 1099-S. You would need to enter this sale by clicking on the following:

• Federal
• Income
• Show more next to Less Common Income
• Start next to sale of your main home
• Then walk through and enter the amount your portion of the sale and expenses

If this was an investment property (and not your primary residence-even if you received a 1099-S) you would enter it by clicking the following:

• Federal
• Income
• Show More next to Investment Income
• Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
• Then walk through the questions and enter your share of the sale and expenses.