You'll need to sign in or create an account to connect with an expert.
You may be able to deduct property taxes and mortgage interest on a home that is not your primary residence, if you itemize your deductions.
In addition to itemizing, these conditions must be met for mortgage interest to be deductible:
Mortgage interest is usually reported on Form 1098, Mortgage Interest Statement. After you enter your 1098 in TurboTax, we'll ask a series of follow-up questions to make sure you're qualified to take the deduction.
You may be able to deduct property tax as long as you only use the property for personal use, and also itemize your deductions. Deduct it for your: Main home, Vacation homes, Land, Foreign property.
You may not get a "tax break" on the gain from the sale of your property, that is not your main home.
You won’t pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you file jointly, you won’t pay taxes on the first $500,000.
That income is free and clear as long as:
When you sell a second home, the tax situation is different. Here's that info.
TurboTax will show you if your home sale is taxable, but you’ll need to upgrade your account to TurboTax Premier. Ready to upgrade and enter your home sale info? Follow these steps:
Open (continue) your return in TurboTax. If you’re not sure you’re in your return, click the orange Take me to my return button.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
knownoise
Returning Member
mpiseter
New Member
Loudspeaker1999
Level 1
Loudspeaker1999
Level 1
obeteta
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.