Sold Time share for Disney Vacation Club. We bought it for $13,500.00 and sold it for $16,500.00. WE have a 1099-s form Where do we input that information?

[Coleen3 · Accepted solution]

To enter this sale of a second home 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. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Investment Income”
5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
6. 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)
7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
8. Choose type of investment you sold - select Second Home
9. Some basic information:

1. Description –  Usually the address of the property sold
2. Sales Proceeds – Net proceeds from the sale  (select box to input selling expenses not reported on 1099-S)
3. Date Sold – Date you sold the property