These are entered in the investment section of TurboTax. Follow these instructions:
I am wondering how the sale of a 2nd home will affect my 2018 taxes. I recall (somewhat) that if you sold a home and then reinvested this amount into another home within a year you did not have to pay any taxes provided the home (or the amount over the adjusted cost of the home we paid for) we buy is at or above the amount we profited from the sale of the home. Where can I read about this situation?
Long ago, when you sold your personal residence and purchased a new personal residence for the same or more money, you didn't have to pay taxes on any gains. This was only for the personal residence in which you live, not second homes.....and that rule was eliminated back the mid-1990's.
We purchase a second home in June 2010 for $140,000. Rented it from 4/17 to 9/18. Sold it in September, 2019 ro4 $250,000. Is it considered an investment. Can I deduct repairs made to the house? Haven't taken any depreciation.
is this second personal residence or is it a rental home?