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Sunny2024
New Member

reporting capital gains on a second home owned 5+ years

Ok, so I was able to follow the instructions BUT there was never  a form 8947 or a schedule D to fill out.  Can I truly just list the proceeds amount and the cost basis amount without including any forms to showing how one arrived at the cost basis amount?  I thought I'd have to fill in a form 8947 and schedule D but maybe not. Thanks Marge

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1 Reply
rjs
Level 15
Level 15

reporting capital gains on a second home owned 5+ years

Form 8947 has nothing to do with selling a home. Did you mean 8949?


You don't fill out the forms yourself. You enter the information on the TurboTax screens and TurboTax fills out the forms for you. That's why you use TurboTax. Form 8949 and Schedule D will be included in your tax return.


You do not have to show how you arrived at the basis. If the IRS has any questions about it they will send you a letter asking for more information.

 

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