I was one of the life estate deed holders on a home in another state (WV) that was sold last year. The amount of my capital gain was recorded as part of the sale, and withholding for WV taxes deducted from the amount I received. I have not and don't expect to receive any form about this capital gain from WV. How do I record this in TurboTax Home & Business?
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To enter the sale of a "second" home, see Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?
To enter the WV state income taxes that were withheld, see Where do I enter my estimated tax payments?
When you sell a capital asset, the difference between its cost basis and the selling price results in a capital gain or loss.
Your total capital gains for the year minus your total capital losses results in either a net capital gain or a net capital loss.
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