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Schlotty
Returning Member

Sale of second home

@JotikaT2 I sold a second home and purchased Turbo Tax Premier  on CD so I can report the sale.  I tried to follow the same directions that were posted.  My screens are as follows:

  • I clicked on the Stocks, Mutual Funds, Bonds, Other selection of the Investment Income section
  • The first page asks Did you sell any Investments in2020?  I clicked on Yes 
  • The next page is Did you get a 1099-B or a brokerage statement for these sales? I clicked on No
  • The next page asks Tell us about this sale.  I clicked on I'll enter one sale at a time.  It brings up boxes for me to enter information from a 1099-B and it won't let me continue without completing that and I did not get a 1099-B.  So them I tried to not click anything on that page and just click continue.
  • The next page asks Do you know your capital loss carryover amounts?  That does not apply so I just click continue again and it won't let me continue without selecting but nothing applied to me.
  • I can't get to a page that is indicated in the instructions that says to choose "sold a second home" option as referenced in the directions below:

       Choose type of investment you sold - select Second Home

    9.     Some basic information:

    1.     Description –  Usually the address of the property sold

    2.     Sales Proceeds – Net proceeds from the sale  (select box to input selling expenses not reported on 1099-S)

    3.     Date Sold – Date you sold the property

    10.  Tell us how you acquired the property - purchased

    11.  Any business or rental use? - select personal use only (please note that capital losses are not allowed on personal use property) If you make another selection, you may need to report this sale under sale of business

    12.  Some Basis information

    1.     Date Acquired

    2.     Original cost basis

    3.     Cost of improvements

Any help or further instructions would be super helpful. I am running out of time. I spent the $30 extra for Premiere because it is supposed to have this extra section, but I don't have it and I need it.

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1 Reply
JotikaT2
Employee Tax Expert

Sale of second home

Log back into your TurboTax program.

  1. Select the Federal Taxes tab
  2. Select Wages & Income
  3. Select I'll choose what I work on at the page titled How do you want to enter your income?
  4. Scroll down to the section titled Investment Income
  5. Select Stocks, Mutual Funds, Bonds, Other
  6. Select Add more sales
  7. The next screen will ask Did you get a 1099-B or a brokerage statement for these sales?  Select No.
  8. The next page will say Tell us about this sale.  Select I'll enter one sale at a time.
  9. You will then be able to enter the details from this sale.  It will be reported accordingly on your Form 8949, Sales of Other Dispositions of Capital Assets.

Sale input

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