Sale of vacation home 1099-S

[Julpatperez]

Hello, and thanks in advance.
VACATION HOME 

purchased 2002

sold             2023

never rented

received 1099-S

Using premier, do I place this in the section under invest income…

stocks, crypto, etc?

thank you

[DoninGA]

Yes, the sale is reported in the Investment Income section of the TurboTax program.

[Julpatperez]

Thank you for quick response. I was getting confused with premier vs premium. Thanks

[Mike9241]

@Julpatperez be aware that gain is takeable but any loss is not deductible. 

[Julpatperez]

Hi,  that’s what I understand but , I read “major” improvements are deductible against the profit… please advise if I am wrong. 
for example

Purchase price $30,000

sale price $100,000

we put on new porch/ deck  5,000

privacy screen $10,000 

new flooring $2000

would these items be deductible this being down my cost basis from $30K to 47K.

my understanding is that normal repairs are not deductible  but major upgrades to home are. 
any advice is appreciated. Thank you

[DoninGA]

The cost of any improvements to the home would be added to the Adjusted Basis if asked.  If the adjusted basis is not being asked then include the cost of the improvements in the Purchase Price.

[Julpatperez]

Thank you, that’s what I thought. Just didn’t know if I could include new appliances ,etc… just major upgrades

[Julpatperez]

Thank you !