Sold second home

[rogerthresher]

can't find where to enter 1099-s

[MargaretL · Accepted solution]

Please follow steps below to enter second home sale.  The actual form 1099-S is not reported (you won't fine box for box identical data entry), but the information from it is needed:

1. Federal Taxes 
2. Wages and Income 
3. Scroll down to Investment Income
4. Select Stocks, Mutual Funds, bonds, Other
5. Indicate that 1099-B/brokerage statement was not received for the sale, continue through the interview.
6. On the screen Choose the type of investment you sold, select Second Home - you will be asked to enter the net proceeds, the date of sale, how you acquired the property and then the cost basis of the home (original cost and improvements).

[mercur81]

I purchased TurboTax Deluxe 2020.  The instructions you posted don't work.  I upgraded to Premier and the instructions still don't work.  

[LinaJ2020]

Here are the steps:

In TurboTax online,

• After sign into your account, select Pick up where you left off
• At upper right corner, search for this exact phrase: sold second home
• In the search results, click Jump to sold second home 
• Answer Yes on the screen, Did You Sell Any Investments? 
• Follow prompts.  On screen, Choose the type of investment you sold -  select Other
• Next screen, Tell us more about this sale, enter info
• On screen Now we'll walk you through entering your sale details, at the drop down arrow, select Second home and fill in all required fields.  Continue to proceed
• See image

@mercur81

@rogerthresher

[psgreniger]

I sold a second home and purchased Turbo Tax Premier so I can report the sale.  My Turbo tax does follow the same directions that was posted.  My screens are as follows:

• I clicked on the Stocks, Mutual Funds, Bonds, Other selection of the Investment Income section
• The first page asks Did you sell any Investments in2020?  I clicked on Yes 
• The next page is Did you get a 1099-B or a brokerage statement for these sales? I clicked on No
• The next page asks Tell us about this sale.  I clicked on I'll enter one sale at a time.  It brings up boxes for me to enter information from a 1099-B and it won't let me continue without completing that and I did not get a 1099-B I have a 1099-S.  So them I tried to not click anything on that page and just click continue.
• The next page asks Do you know your capital loss carryover amounts?  That does not apply so I just click continue again and it won't let me continue without selecting but nothing applied to me.
• I can't get to a page that is indicated in the instructions where I can enter a 1099-s.

Any help or further instructions would be super helpful.

Thank you!  Penny Greniger

[JamesG1]

To report the 1099-S sale of second home, follow these steps:

• In the upper right hand corner of the screen click on the magnifying glass Search icon.
• Type sold second home.  Hit enter.
• Click on Jump to sold second home.
• At the screen Did you sell and stocks…., click Yes.

Answer the questions in TurboTax to see how much gain, if any, may be excluded.  Gain that is not eligible for exclusion will be reported on Schedule D. 

See also IRS Publication 523 Selling Your Home and this TurboTax Help.