Where do I enter sale of my 2nd home?

[DoninGA]

The sale of a second home is entered in the Investment section.  You will need the Premier edition to report the sale.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Under Investment Income
• On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen.  Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Second Home and continue with the section until it completes.

[Justme123]

Where do I enter my expenses for the sale of the 2nd home or land? TurboTax does not ask any questions or have a section for any entries for them. TurboTax Deluxe

[barryjfox1]

where do I enter my original purchase amount 

[DoninGA]

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@barryjfox1 wrote:

where do I enter my original purchase amount 

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To enter the sale of a Second Home -

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Under Investment Income
• On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose the option Second home and continue with the section until it completes.

[ken51]

I need help in claiming the sale of my second home in 2019 with a capital loss

[DoninGA]

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@ken51 wrote:

I need help in claiming the sale of my second home in 2019 with a capital loss

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READ the answer provided above your post.

[richardR1]

Help

I received a 1099 S but no B

In TurboTax it has Net Proceeds.

Do I insert the total proceeds less cost I paid. For example if gross = 600 and I paid 500 do I enter 100?

Where do I enter costs such as commissions and special assessments ? Very confusing with TurboTax and it offers no helpful guidance so I hope the community can help. I have the Business and premiere. Thank you

[VictoriaD75]

To enter this transaction in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Scroll down the screen until to come to the section “Investment Income”
4. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
5. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
6. Since you did not receive a 1099-B, answer “no” to the 1099-B question
7. Choose type of investment you sold - select Second Home
8. Some basic information:
   1. Description –  Usually the basic timeshare information
   2. Sales Proceeds – Net proceeds from the sale 
   3. Date Sold – Date you sold the property

[ken51]

I want to hear another statement from Tax expert regarding the sale of my second home in 2019.

I sold my second home in 2019 with a loss of $40,000 plus expenses including broker fees, closing fees.

This was no timeshare, nor any part of Airbnb. Can I claim as investment income for 2019?

Please answer asp. Your tax expert apparently told me during my tax return procedure that I 

could not deduct the loss of my investment on Federal return. I had to pay franchise tax for the state of 

California for the tax year 2015 for investment income as capital gain.

[DawnC]

Where do I enter the sale of a second home, an inherited home, or land on my 2019 taxes?   There will be a place to enter your selling expenses.

When you sell a capital asset, the difference between its cost basis and the selling price results in a capital gain or loss.

• A capital gain is when your asset's sales price exceeds its cost basis (in other words, you made money). Capital gains must be reported on your tax return.
• A capital loss is when you sell the asset for less than its cost basis. Capital losses from investments can be deducted, but not those from personal-use assets, such as your home or personal vehicle.

Your total capital gains for the year minus your total capital losses results in either a net capital gain or a net capital loss.

• Short term capital gains (gains on assets held one year or less) are taxed as ordinary income.
• Long term capital gains (gains on assets held more than one year) are taxed at a more favorable rate than ordinary income.
• Net losses are deductible, but only up to a maximum of $3,000 ($1,500 if married filing separately). Any capital losses you couldn't deduct this year can be carried forward and deducted on future tax returns. This is called a capital loss carryover.

Related Information:

• Where do I enter a capital gain or loss?
• How is a capital gain or loss calculated?
• What is the definition of cost basis?
• What is a capital loss carryover?

[sope]

Deleted. Wrong subject for me.

[Dianaboston]

This does not seem to work for me — at least doing my 2020 taxes in 2021.   I sold a vacation home (never a rental or income property).   I sold it for less than I paid for it, however, even though I typed in “Second Home” to identify what it was, it still calculates the loss for me and drastically changes my refund on both federal and state return.  I know the loss of your second (non-investment, non-rental property) home is not tax deductible, yet TurboTax does not ask me the questions to prevent it from calculating the loss on Schedule D.  Do I just have to enter a cost basis the same as the sale price reported on 1099-S from in order not to have a loss?   Even though the cost basis of course, is made up?   Makes no sense.

[ReneeM7122]

You are correct, the loss of your second (non-investment, non-rental property) home is not tax deductible, and the basis and the sale price are important in the calculation of your taxes.  With the sale of a second home, you will be responsible for paying taxes on any profits you make, at a rate of up to 20%, depending on your tax bracket.  You need to know the adjusted basis of the home, and it should be higher than what you paid for it.  Even though you sold your home at a loss, it appears that the software may be calculating a capital gain.  

According to the IRS, Your second residence (such as a vacation home) is considered a capital asset. Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets to report sales, exchanges, and other dispositions of capital assets. 

Here is an article about Schedule D and form 8949.

The sale of a second home would be recorded in the Investment section.  

To reach this screen type investment sales in the search box.  Then click Jump to investment sales and follow the prompts.

@Dianaboston

[Dianaboston]

Thanks so much.. However, when I follow the instructions (Premier) I do not see a Jump To Investment Sales after I type Investment Sales in the search box....  Am I missing something here?  I just can't seem to get to the menu that asks me what I sold, etc.