How do I enter the sale of a second home with TurboTax 2020?

[pidgarf]

TurboTax 2020

Program Updates Released 01/01/2021

Investment Income

Stocks, Mutual Funds, Bonds, Other

Did you sell any investments in 2020? Yes

Did you get 1099-B of a brokerage statement for these sales? No

There is no way to choose the type of investment sold (Second Home, Land, Personal Items, etc.)

How do I indicate this is a sale of a second home?

[DoninGA]

It appears that the investment sale section is not yet finalized.

Both Schedule D and Form 8949 will not be available for filing until 01/14/2021

Go to this website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[pidgarf]

TurboTax 2020

Program Updates Released 01/07/2021

Program Updates Released 01/13/2021

Program Updates Released 01/21/2021

There is still no way to choose the type of investment sold (Second Home, Land, Personal Items, etc.)

How do I indicate this is a sale of a second home?

[AmyC]

Schedule D is showing available in Federal form availability. A second home will be taxed as an investment.

If it was your second home, it goes on Sch D. Go to income section

1. click on Add More Income

2. scroll down to Investment Income

3. Show more

4. Select Stocks, Mutual Funds, Bonds, Other

5. Start:  Continue answering the questions.

1. Yes,
2. 1099-B - no,
3. one sale at a time and the boxes appear for your entries.

It is showing on my desktop version.

[DoninGA]

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@pidgarf wrote:

TurboTax 2020

Program Updates Released 01/07/2021

Program Updates Released 01/13/2021

Program Updates Released 01/21/2021

There is still no way to choose the type of investment sold (Second Home, Land, Personal Items, etc.)

How do I indicate this is a sale of a second home?

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Contact TurboTax support for assistance with entering the sale of a second home when using the desktop editions.

Use this website to contact TurboTax support during business hours - https://support.turbotax.intuit.com/contact/

Or -

Support can also be reached by messaging them on these pages https://www.facebook.com/turbotax/ and https://twitter.com/TeamTurboTax

Or -

Use this phone number and select TurboTax - 1-800-4-INTUIT (1-800-446-8848)

[pidgarf]

What you say is correct, but that is NOT the way it is supposed to work.  Once I answer No to “Did you get a 1099-B or a brokerage statement for these sales”, TurboTax should say, "Choose the type of Investment you sold. (Second Home, Uncollected Debit, Collectable, Land, Personal Items, Options, Stocks, Mutual Funds, Bonds, Everything else)".  Selecting Second Home should bring up a screen to "Enter Second Home Sale Information" to enter the Property Address, Net Proceeds, Date of Sale, etc.  When will this be available?