To enter the sale of a second home in TurboTax, log into your tax
return (for TurboTax Online sign-in,
click Here ) and
click on "Take me to my return") and type "investment income
(gains and losses)" in the search bar then select "jump to investment
income (gains and losses)". TurboTax will guide you in entering this
information (see step 6 below)
Alternatively,
to enter this sale of a second home in TurboTax Online or Desktop, please
follow these steps:
- Once
you are in your tax return, click on the “Federal Taxes” tab
("Personal" tab in TurboTax Home & Business)
- Next click on “Wages &
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose
what I work on” (jump to full list)
- Scroll down the screen until
to come to the section “Investment Income”
- Choose “Stocks, Mutual Funds,
Bonds, Other” and select “start’ (or “update” is you have already worked
on this section)
- 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)
- Since you did not receive a
1099-B, answer “no” to the 1099-B question
- Choose type of investment you
sold - select Second Home
- Some basic information:
- Description
– Usually the address of the property sold
- Sales Proceeds – Net proceeds from
the sale (select box to input selling expenses not reported on
1099-S)
- Date Sold – Date you sold the
property
- Tell us how you acquired the
property - purchased
- 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
- Some Basis information
- Date
Acquired
- Original cost basis
- Cost of improvements
Click this link for further information about reporting
the sale of a capital asset
