Solved: We sold a second home and bought another 4 days later, investing all of the money from the first sale. Do we report the sale? If so, do we report the new purchase too?
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emilymcfadden1
New Member

We sold a second home and bought another 4 days later, investing all of the money from the first sale. Do we report the sale? If so, do we report the new purchase too?

 
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DoninGA
Level 15

We sold a second home and bought another 4 days later, investing all of the money from the first sale. Do we report the sale? If so, do we report the new purchase too?

The purchase of a personal residence, primary or second home, is not reported on a tax return.  You report the sale of the second home on your tax return.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen.  Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Second Home and continue with the section until it completes.

View solution in original post

1 Reply
DoninGA
Level 15

We sold a second home and bought another 4 days later, investing all of the money from the first sale. Do we report the sale? If so, do we report the new purchase too?

The purchase of a personal residence, primary or second home, is not reported on a tax return.  You report the sale of the second home on your tax return.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen.  Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Second Home and continue with the section until it completes.

View solution in original post

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