When you get to tell us about this sale. Follow these steps:
Box 1d sale proceeds will match your 1099-S amount.
Box 1e cost basis (usually how much you paid) plus capital improvements plus selling expenses
To record the Sale of a Second Home, you will need to enter the information in the Investment section.
See the screenshots below (Online program)
The downloaded version of this program doesn't give me an option to go through different types of investment sales in the investment section. When I say "yes" on the screen question "did you sell any investments in 2020" I get a screen that asks if I got a 1099B. When I say "no" I get a screen asking me to enter sale #1 manually or put in a summary of sales. There's no question about a 2nd home sale and there's no 1099S form information asked for although the starting screen says they'll be covered. I've already seen the start screen and giving me that screen doesn't help any here when it never asks about other investments. I've used TurboTax for years and this is really frustrating.
When you get to tell us about this sale. Follow these steps:
Box 1d sale proceeds will match your 1099-S amount.
Box 1e cost basis (usually how much you paid) plus capital improvements plus selling expenses
Thanks for your answer. I did that already. My point in the posted question is that Turbo Tax search says something else when it comes to entering a 2nd home sale. What TurboTax says and how it works don't match and misleads users. It also doesn't really address 1099S like the start screen says. No one has answered the original question which is why Turbo Tax is giving search answers that don't match the software. This is the worst version I've ever worked with.
As you go through the sale of your second home, there is a dropdown to select 'second home' (see the image below). Also you likely did select the correct box to enter the sale after you select Stocks, Mutual Funds, Bonds, Other (1099-B), be sure you selected the 'Other' box (see image below).
Thank you for trying. My version of Turbo Tax Premier doesn't have these dialog pages. It goes from "Do you have any sales" (yes) to "Did you get a 1099B" (No) to "Tell Us About this Sale" with box numbers that don't match a 1099S. I never get the choice between "Stocks,Bonds, ETFs" (1099B sales) and "other sales." Then no drop down menus of any kind. No second home dialog/questions. I wish TurboTax would answer my original question.
Sounds like you are using the desktop software but getting instructions for the Online version of TurboTax. There is no screen in either version that has a 1099-S entry screen, so you have to take the information from your 1099-S and enter it as an investment sale. Many home sales do not generate a 1099-S, so TurboTax only requests the information that is necessary to calculate the gain or loss on the sale.
You need the same information to report the sale of capital assets whether it was land, stock, bitcoin, vacation home, etc. Pretty much everything other than the sale of your main home (that gain can be excluded) is reported as an investment sale.
Whenever you sell a capital asset held for personal use at a gain, you need to calculate how much money you gained and report it on a Schedule D. Depending on your situation, you may also need to use Form 8949. Capital assets held for personal use that are sold at a loss generally do not need to be reported on your taxes. The loss is generally not deductible, as well.
The gains you report are subject to income tax, but the rate of tax you’ll pay depends on how long you hold the asset before selling. If you have a deductible loss on the sale of a capital asset, you might be eligible to use the losses you incur to offset other current and future capital gains. TurboTax will use the data you enter in the investment section to do all of this for you.
WE SOLD VACATION CONDO IN FLORIDA AND REALIZED CAPITAL GAINS. MY QUESTION IS CAN WE OFFSET THIS CAPITAL GAIN WITH STOCK INVESTMENT LOSSES SAME YEAR?