Solved: Sold second home, trying to enter info
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Level 2

Sold second home, trying to enter info

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. Turbo Tax.PNG

2 Best answer

Accepted Solutions
Level 15

Sold second home, trying to enter info

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).

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Employee Tax Expert

Sold second home, trying to enter info

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.

  1. Select Income & Expenses
  2. Scroll down to All Income and select Investment Income
  3. Select Stocks, Mutual Funds, Bonds, Other 
  4. Select Add more sales 
  5. Proceed through the questions and enter the information as prompted

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.

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12 Replies
Level 15

Sold second home, trying to enter info

Check "I'll enter one sale at a time" and proceed to the next screen where you will enter the details of the transaction.

Level 2

Sold second home, trying to enter info

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.

Level 15

Sold second home, trying to enter info

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).

View solution in original post

Level 2

Sold second home, trying to enter info

Thank you!

New Member

Sold second home, trying to enter info

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.

 

Employee Tax Expert

Sold second home, trying to enter info

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.

  1. Select Income & Expenses
  2. Scroll down to All Income and select Investment Income
  3. Select Stocks, Mutual Funds, Bonds, Other 
  4. Select Add more sales 
  5. Proceed through the questions and enter the information as prompted

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.

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New Member

Sold second home, trying to enter info

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?

Employee Tax Expert

Sold second home, trying to enter info

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 

  • Login to your account.
  • Select Federal from the left menu.
  • Go to Wages and Income then Income and Expenses.
  • Scroll down to Investment Income.
  • Select Stocks, Mutual Funds, Bonds, Other (1099-B)
  • On Did you sell any investments in Year? Click Yes. (Note: If you have entered other investment sales, you'll land on Here's the investment sales info we have so far. Click +Add More Sales and proceed as described below.)
  • Next, you'll see Did you get a 1099-B or a brokerage statement for these sales? Click No.
  • On the next screen, Choose the type of investment you sold. Select Second home and click Continue
  • Follow the onscreen instructions to complete the sale of second home interview. You'll be asked questions about the home, including when and how you acquired it, when you sold it, the sale price, etc. On the Enter Second Home Sale Information screen, you'll enter information from your Form 1099-S
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Returning Member

Sold second home, trying to enter info

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.

Employee Tax Expert

Sold second home, trying to enter info

To report a sale of second home, follow these steps: 

  • In the upper right hand corner of the screen click on the magnifying glass Search icon.
  • Type sale of second home.  Hit enter.
  • Click on Jump to sale of second home.
  • This should bring you to the screen Did you sell stocks, mutual fuds, bonds or other investments in 2020?.
  • Click Yes.
  • At the screen OK, what type of investments did you sell?, click Other.
  • At the screen Now we'll walk you through..., at the drop box What type of investment did you sell, select Second home

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.

 

 

 

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New Member

Sold second home, trying to enter info

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.

 

Employee Tax Expert

Sold second home, trying to enter info

A land sale is considered a sale of an investment.  To report this in TurboTax, please follow these steps:

 

TurboTax Online

 

  1. Click on Federal > Wages & Income
  2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
  3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
  4. On the screen,  OK, what type of investments did you sell? mark the Other box and click Continue.
  5. When you get to the screen, Now we’ll walk you through entering your sale details enter the details of the sale.  You will be able to select the type of investment in the first box [second home, land, etc.]  [See Screenshot #1 below.]
  6. Click Continue when done.

 

TurboTax CD/Download

  1. On the Wages & Income screen, in the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
  2. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
  3. On the screen,  Did you get a 1099-B or brokerage statement... click the No box.
  4. On the screen, Tell us about this sale, mark the radio button, I'll enter one sale at a time.
  5. Enter the information in the boxes that appear.  You will have to type in Land Sale in box 1a.
  6. Enter the total sales proceeds as well as the other information requested.  [See Screenshot #2 below.]
  7. Continue to the screen, Select any less common adjustments that apply.  
  8. Mark the first box The reported sales price did not deduct all fees or selling expenses.  [Screenshot #3]  
  9. Enter the sales expenses not deducted from the sales price entered earlier.

Screenshot #1

 

 

Screenshot #2

 

 

Screenshot #3

 

 

@kmcbrayerrn

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