sale of vacation home
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biologist3
Level 1

sale of vacation home

I have a form 1099-S from the sale of a vacation home.  How do I enter the information under Investment income?  When I click on the "Stocks, Mutual Funds, Bonds, Other" section, I'm taken to the "Did you sell any investments in 2020" page.  I answer Yes and I am taken to "Did you get a 1099-B or brokerage statement for these sales?" page.  If I answer No, I'm taken to "tell us about this sale" page. Now I'm stuck!  Previous workarounds are not applicable in 2020.  Solution???

4 Replies
Kat
Level 15
Level 15

sale of vacation home

@biologist3 I do know that this issue has been reported to TurboTax Moderators for investigation.  So far, I've not heard back about resolution, or even a workaround.  

 

I've included your post in the thread where this is being discussed.  I will keep you informed as soon as I learn more.  So sorry for the difficulty.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
Kat
Level 15
Level 15

sale of vacation home

@biologist3 Although we are all accustomed to the "old" format for entering 1099-S investment sales, it appears that TurboTax has modified the format and it's not changing.

 

Thanks to a couple of my co-Champs, @rjs  and @tagteam , here are options to enter this investment sale.

 

If you are using the Desktop (CD/Download) TurboTax program, the screenshot below will assist you.

 

If you are using TurboTax Online (web-based), you can enter the sale by looking for the place to enter an investment sale not reported on a 1099-B, and select Box C or F on form 8949.  For the description, enter "Vacation Home".  @rjs also reminds you that if you sold the home at a loss, you'll need to check the box on the "less common adjustments" screen, indicating that the loss is not deductible.

 

Here's that screenshot for Desktop:

 

2021-01-31 13_02_53-Window.png

 

 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
biologist3
Level 1

sale of vacation home

I was able to figure it out with the instructions you posted.  Not ideal for TurboTax to leave paying customers hanging but luckily there are community members who provided a workable solution.  Thanks!

Kat
Level 15
Level 15

sale of vacation home

Hallelujah!  Unfortunately, TurboTax has decided to leave these screens as they are.  I'm not a fan of the change they made, but I don't make the decisions.  😉  So glad you were able to complete your return.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
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