Sale of Second Home

[jmenz9]

We sold our condo in December 2021 after owning it for 18 years. It was never our primary residence. It was never rented. I'm having trouble finding out where to report it in Turbo Tax. I originally purchased Turbo Tax Deluxe, and entered our information under Investment Income. But, this section didn't speak to a 1099-S only 1099-B. But, it seemed to work. The IRS Form 8949 was filled out.  So was Schedule D. I upgraded to Turbo Tax Premier as I searched online and found a Turbo Tax thread where it stated I needed Turbo Tax Premier.

Once I upgraded, Turbo Tax Premier took me back to Investment Income. Now in this Section, it states that it covers the sale of stocks, bonds, a second home, etc. It states that it covers 1099-B and 1099-S transactions, So, there is no difference between Deluxe and Premier. And Premier, there were no questions specifically related to the sale of a second home. No questions related to a 1099-S.

So, my question(s) is where do I enter information from our sale on a condo that was never rented. It seems I wasted $30 to upgrade. But, it more important to me, to find the correct software programming that addresses the sale of a second home.

[Mike9241]

use the 1099-B section.

since this was never your primary home, there is no home sale exclusion. the only issue would be if sold at a loss because it is not allowed.

[jmenz9]

Normally, I wouldn't respond, but you need to read my question again, and formulate full answer.

[MayaD]

You need TurboTax Premier to report the sale of a second home.

To report the sale :

1. Go into the Wages and Income section of your return,
2. Scroll down to Investment Income.
3. Select Stocks, Mutual, Other
4. Answer No to the question "Did you get a 1099-B"?
5. On the screen Tell us about this sale, Click on I'll enter one sale at a time, boxes drop down.
6. Enter Second home in the description box
7. Enter the amount reported on the 1099-S in as Sale proceeds.
8. Enter the cost basis ( how much you paid for the property plus capital improvements plus selling expenses).

[jmenz9]

Thank you for the correct answer.

jmenz9

[Mbar13]

What if I haven't received a 1099S? Also, sale was in Maine, I live in CT, Do I file Maine or CT first? Thanks! 

[Vanessa A]

You will file Maine first, then CT.  You file the Non-Resident state first, then the resident state will generally give you a credit for taxes paid to the non resident state.

You do not have to have the 1099-S to report the sale, you can use your sellers closing documents. 

• Federal
• Income
• Show more next to Less Common Income
• Start next to sale of your second home
• Then walk through and enter your selling price and other information

[tincanson589]

Been searching for this solution for a hour. This is the only one that worked. (Turbo tax - why so difficult in Premier to enter a sale of a second home!)

[sewer1940]

I updated to Premier to be able to enter the sale of a second home.  NOW where do I enter this information ?Should I have received a 1099S from the closing attorney on this sale?

[sewer1940]

not a loss .  Where do I enter the gain from this sale?

[PattiF]

A 1099-S is issued for some real estate sales but not for all sales. You can enter the sale of your second home without a 1099-S by following these steps.

Click on Federal > Wages & Income

1. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
2. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2022?  Click the Yes box.
3. On the screen,  OK, what type of investments did you sell? mark the Other box and click Continue.
4. When you get to the screen, Now we’ll walk you through entering your sale details, enter the details of the sale.  You will be able to select the type of investment in the first box [second home, land, etc.]  
5. Enter the requested information and click Continue when done.

This screenshot shows land, use the pulldown menu and select second home.

 @sewer1940