I sold a second home and need to claim long term capital gains. I need to adjust the Cost basis for improvements made. I did not receive a 1099-B. I have entered everything manually. How do you adjust the cost basis ? Answers to other posts did not work. I tried to edit it directly in form 8949 and schedule D, that did not work.
You'll need to sign in or create an account to connect with an expert.
You enter the house sale in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Other as the type of investment you want to enter.
On the screen that says Review this (name of sale) sale, enter the correct cost basis, including the improvements, in the box that says Total amount paid:
Shouldn't the adjustment to cost basis be entered in Column g on form 8949 ?
An adjustment code would not be necessary.
The answer by @ThomasM125 allows you to enter one or more IRS form 1099-B transactions to fully report the selling price, the correct basis and the dates of purchase and sale.
As an example, the original purchase price was $75,000 and you paid $5,000 for a kitchen renovation and paid $3,000 for a bathroom renovation. Now the total cost basis of the second home is $83,000. Report $83,000 as the total amount paid and not the $75,000.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Lburns31
New Member
s d l
Level 2
starkyfubbs
Level 4
SCswede
Level 3
ajayka
Level 2