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New Member
posted Apr 17, 2018 10:57:30 AM

Sale of 2nd Home

Where do you report sale of 2nd home 1099-S in TT?

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5 Replies
Moderator
Apr 17, 2018 1:57:32 PM

These are entered in the investment section of TurboTax. Follow these instructions:

  1. Open your return in TurboTax.
    (To do this, sign in to TurboTax and select Take me to my return button.)
  2. In the search box, search for sold second home(use this exact phrase) and then select the "Jump to" link in the search results.
  3. Answer Yes on the Did You Sell Any Investments in 2017? screen.
    • If you land on the Here's the investment sales info we have so far screen, select Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Select Continue.
  6. Follow the on-screen instructions to completion.

New Member
Jun 8, 2018 4:48:07 AM

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?

Alumni
Jun 8, 2018 9:25:27 AM

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.

 

 

New Member
Jan 31, 2020 10:37:04 AM

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.

Expert Alumni
Feb 2, 2020 11:38:26 AM

is this second personal residence or is it a rental home?