Getting lost at this screen after answering yes to we sold the home. I did not see to choose what type of sale it was like someone else said.
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Your cost basis (the figure you would enter) is generally your original purchase price plus the cost of improvements less any casualty losses you might have claimed.
However, your basis could be different if you did not acquire the property via purchase (e.g., if you acquired it by inheritance or gift).
The "Jump to" feature will only work if you are inside the input sections of the program.
Assuming this sale was not for your principal residence, you will enter this into the federal section of the program as follows.
Be sure to select No when asked if you received a 1099-B Form. This form is used to report stock sale transactions and will not apply here.
Check "I'll enter one sale at a time" and proceed to the next screen where you will enter the details of the transaction.
What is the cost basis, I understand the term for stocks but is there anything different for homes?
Thank you, I had clicked on it before though I think I had an entry wrong and so I was not sure with the tax hit is was giving me if I was in the correct spot.
Your cost basis (the figure you would enter) is generally your original purchase price plus the cost of improvements less any casualty losses you might have claimed.
However, your basis could be different if you did not acquire the property via purchase (e.g., if you acquired it by inheritance or gift).
Thank you!
Trying to enter information on sale of second home from Form 1099-S. Search guidance is to "select the Jump to link in the search results. However, I see no "Jump to" link.
The "Jump to" feature will only work if you are inside the input sections of the program.
Assuming this sale was not for your principal residence, you will enter this into the federal section of the program as follows.
Be sure to select No when asked if you received a 1099-B Form. This form is used to report stock sale transactions and will not apply here.
I can't enter closing statement details on Deluxe version. 1099-S only states gross proceeds, which don't account for loan pay off or closing costs. Can I enter details on Premier version?
Using the online editions of TurboTax you would need either the Premier or Self-Employed editions. Using the desktop CD/Download editions, then any edition an be used to report the sale.
Your second home is considered an investment home. Enter the amount on your 1099-S as the proceed, you basis is your purchase price plus improvements and expenses of sale.
To report the sale
I upgraded to Premier and I am still not getting the option to choose the type of investment we sold to select Second home. What step am I missing?
Thank you.
To report a sale of second home, follow these steps:
TurboTax will walk you through a series of questions to determine whether the transaction generated a taxable event, a taxable gain or taxable loss. The transaction will likely be reported on Schedule D.
Is the second home in another state? You may find that the sale will be taxable income on your home state tax return as well as the on tax return for the state where the building is located. Your home state tax return may allow you a credit for taxes paid to another state.
See also this TurboTax Help.
I did everything suggested said no to the 1099-B question. Was told on the next screen to select land - NEVER came up tried continue. Never could find the Enter Land Sale Information. This SHOULD not be this hard. Very frustrated, feel as though I wasted my money.
A land sale is considered a sale of an investment. To report this in TurboTax, please follow these steps:
TurboTax Online
TurboTax CD/Download
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@kmcbrayerrn
When I click no to 1099B, it goes to another page that says tell us about this sale.....Not add more sales
I did not get a question of what kind of sale.....all I get are 1099 B type sales, nothing for a second home??? And I do have turbo tax premier
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