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Will Turbo Tax fix the issue to allow the correct entry for the sale of a second or inherited home? Why doesn't it offer the correct page to enter as it did last year?

Using the search instructions for sale of a second home, takes me correctly to the sale of investments section, but it does not allow me to select "other" as the instructions indicate and will not give me the screen to select second home or inherited property. This page existed in 2019, but does not appear in 2020 Premier.
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2 Replies
rjs
Level 15
Level 15

Will Turbo Tax fix the issue to allow the correct entry for the sale of a second or inherited home? Why doesn't it offer the correct page to enter as it did last year?

TurboTax has stated that they are not going to have a special screen for the sale of a second home this year. But you don't need that screen. Report the sale as an investment sale for which you did not get a 1099-B, in the same place that you would report a sale of stock.

  • For the description, enter "Second home" or "Inherited home."
  • If you sold an inherited home, enter "Inherited" for the date acquired.
  • For the holding period select "Short term (Box C)" or "Long term (Box F)," depending on whether or not you owned it for more than a year. An inherited home is always long-term, no matter how long you or the deceased actually owned it.
  • On the screen that says "Select any less common adjustments that apply," check the box that says "Any loss from this sale is not deductible. . . ." Then select "This is personal use property" as the reason.

 

Will Turbo Tax fix the issue to allow the correct entry for the sale of a second or inherited home? Why doesn't it offer the correct page to enter as it did last year?

Thank you. Hopefully, they will at least update their search instructions that still show the steps for the screens that evidently have been eliminated. I appreciate the response.

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