I usually use the free version of Turbotax but we sold a seasonal cabin last year and are subject to long term capital gain tax. Can Turbotax deal with that?
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larryandjenc
New Member

I usually use the free version of Turbotax but we sold a seasonal cabin last year and are subject to long term capital gain tax. Can Turbotax deal with that?

 
1 Reply
DoninGA
Level 15

I usually use the free version of Turbotax but we sold a seasonal cabin last year and are subject to long term capital gain tax. Can Turbotax deal with that?

To report the sale of the second home/vacation home you will need to upgrade to the Premier online edition.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen.  Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Second Home and continue with the section until it completes.

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