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sale of second home

I live in state A and sold a second home in state B, a non-rental.  do i complete federal 1040,  and state 1040 in  state  A , and then state B 1040?  and in what order?  Does it make adifference?

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1 Reply
JohnB5677
Employee Tax Expert

sale of second home

You will enter this on your Federal return 1040 as a capital gain.  You will include both states,  

 

  • Prepare State B first (Info will carry over from Federal).
  • Then prepare State A that you live in.
    • You can get a credit in State A for taxes paid in State B..

In TurboTax Online, you can enter the sale of a second home by following these steps:

 

  1. Open your tax return
  2. Click on Federal in the left-hand column,
  3. Then on Wages & Income
  4. choose Investments and Savings and click on the down arrow on the right
  5. Click on [+Add Investment] or Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
  6. Enter a different way
  7. Select Other box [continue]
  8. Name Sold myself
  9. What type of investment did you sell?
  10. Select Second Home
  11. Continue the interview.
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