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rem8
New Member

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?

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2 Replies
JulieS
Employee Tax Expert

Turbotax Bug? ****HELP PLEASE***

No, that is correct. You can't deduct a loss from the sale of a home, because losses aren't allowed on the sales of personal use property. 

 

Personal use property includes your own home, a second home, a vacation home and an inherited home. 

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rem8
New Member

Turbotax Bug? ****HELP PLEASE***

Got it.  Seems strange, but thanks.

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