I borrowed $230,000 years ago using my home as security (HELOC). I used the money to buy a vacation home in another country. After about 10 years, I sold that vacation home for almost the same amount and I used the money to repay the HELOC.
1. Where do I input or report the money I received from the buyer of the vacation home?
2. Where or how do I report the payment I made to pay-off the HELOC?
My objective is to make sure that the payment for the vacation home (income) will cancel out with the repayment of the HELOC. (expense).
Thank you so much for any help.
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@pogopeggy wrote:1. Where do I input or report the money I received from the buyer of the vacation home?
2. Where or how do I report the payment I made to pay-off the HELOC?
You do no report the pay-off of the HELOC as that is simply the repayment of a loan.
In TurboTax, you would report the sale of the vacation home in the Investment Income section, specifically Stocks, Mutual Funds, Bonds, Other. Check Second Home as the type of investment.
Note that you cannot recognize a tax loss on property held for personal use.
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