Question
Turbotax Bug? ****HELP PLEASE***
I inherited a house from my Dad this year. I sold it this year also. I input sale in the investment section, using the appraised value as my basis, and using the gross proceeds from 1099-S as proceeds. Then I put in realtor & sales fees in other cost adjustments. End result should have been a capital gains loss, Turbotax did not recognize the adjustments.
Then I tried using the appraised value as my basis, and using the gross proceeds LESS expenses (realtor and sales fees) as proceeds. End result should have been a capital gains loss. Turbotax said it turns out I cannot deduct losses from sale of a personal item.
Is this a bug, or does the fed actually consider a second house to be a personal item?
