To report a sale of second home, follow these steps:
- In the upper right hand corner of the screen click on the magnifying glass Search icon.
- Type sale of second home. Hit enter.
- Click on Jump to sale of second home.
- This should bring you to the screen Did you sell stocks, mutual fuds, bonds or other investments in 2020?.
- Click Yes.
- At the screen OK, what type of investments did you sell?, click Other.
TurboTax will walk your through a series of questions to determine whether the transaction generated a taxable event, a taxable gain or taxable loss. The transaction will likely be reported on Schedule D.
You may find that the sale will be taxable income on your home state tax return as well as the on tax return for the state where the building resides. Your home state tax return may allow you a credit for taxes paid to another state.
See also IRS sale of my second residence.
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