We sold a second home of ours, where do we enter this on our taxes

[RebeccaC]

Unfortunately, there is no jump link to this capital asset sale.

Click this link for further information about reporting the sale of a capital asset



To enter this sale of a second home in TurboTax Online or Desktop (for TurboTax Online sign-in, click Here , then select "Take Me to My Return"), 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) (screenshot)
3.Date Sold – Date you sold the property
10.Tell us how you acquired the property - purchased
11.Any business or rental use? - select personal use only (please note that capital losses are not allowed on personal use property) If you make another selection, you may need to report this sale under sale of business
12.Some Basis information
1.Date Acquired
2.Original cost basis
3.Cost of improvements

[CherylW]

To report a sale of a second home: 

1.  Go to Your 2016 Income Summary. 

2. Go down to Investment Income. 

3. Click Start or Update by Stocks, Mutual Funds, Bonds, Other. 

4. Click either Yes to continue, or + Add More Sales. 

5. Answer Yes or No to Did you get a 1099-B or a brokerage statement for these sales? 

6. Select Second Home on Choose the type of investment you sold. 

7. Fill out Enter Second Home Sale Information. 

8. Select the method for Tell Us How You Acquired This Home. 

9. Depending on your entry on that line, Turbo Tax gathers certain information.  Fill out the screens till you get back to the Here's the info we have for these investment sales.Your gain or loss will be figured.   

A gain or loss goes on line 13 of Form 1040.  You're limited to a 3,000 loss this year, with the remainder being carried over to future years. 

To check, 

1.  Go to My Account. 

2. Go to Tools. 

3. Go to View Tax Summary. 

4. Go to Preview my 1040.