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jojo4210
New Member

Where do I file 199s for the sale of a vacant home?

 
1 Best answer

Accepted Solutions
IsabellaG
Employee Tax Expert

Where do I file 199s for the sale of a vacant home?

If this vacant home was purchased as an investment

  1. In TurboTax Premier, go to Federal, and Choose Wages and Income.
  2. Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.
  3. On the  screen Choose the type of investment you sold choose Everything Else.
  4. Continue to enter the information on your sale.

If this home was  a vacation or second home, on the screen Choose the type of investment you sold, choose Second Home. If the property was used for personal purposes, you would not be allowed to deduct a loss on the sale.

If this was your main home, instead of going to Investment Income, and scroll down to Less Common Income, and choose Sale of Home. If you sold your main home in 2017, we'll determine if you need to report the sale on your tax return. Generally, profits of up to $250,000 (up to $500,000 on a joint tax return) do not need to be reported to the IRS. We’ll figure this out for you.

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2 Replies
IsabellaG
Employee Tax Expert

Where do I file 199s for the sale of a vacant home?

If this vacant home was purchased as an investment

  1. In TurboTax Premier, go to Federal, and Choose Wages and Income.
  2. Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.
  3. On the  screen Choose the type of investment you sold choose Everything Else.
  4. Continue to enter the information on your sale.

If this home was  a vacation or second home, on the screen Choose the type of investment you sold, choose Second Home. If the property was used for personal purposes, you would not be allowed to deduct a loss on the sale.

If this was your main home, instead of going to Investment Income, and scroll down to Less Common Income, and choose Sale of Home. If you sold your main home in 2017, we'll determine if you need to report the sale on your tax return. Generally, profits of up to $250,000 (up to $500,000 on a joint tax return) do not need to be reported to the IRS. We’ll figure this out for you.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
max1930
New Member

Where do I file 199s for the sale of a vacant home?

I sold an undeveloped piece of property and received a 1099S.  Where do I enter this?

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