When I sold second home where do I add improvement cost? I sold second home and it just ask me
Date Sold: (Date on 1099-S for sale of home)
Proceeds: (Match 1099-S)
Total Amount Paid: (Price I paid for home?) < -- do I add basis here or cost of improvement to home?
The next page it asks:
I paid sales expenses that aren't included in the sale proceeds reported on the form:
Sales expenses not on 1099-S or statement ( So this is only agent fees and closing escrow fees right)?
You'll need to sign in or create an account to connect with an expert.
The program asks for your cost or basis.
Your cost (or basis) is what you paid, plus improvements. The program does not ask for that separately.
(It does not ask "What did you pay? What did you improve? )
Thanks but where do I add stuff like what type of improvements I did? Does tax return ask for that?
No. TurboTax will not ask what type of improvements you made. Keep that information for your records. You simply enter your total cost (original plus any improvements) in the cost basis box.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
gumbootkitten
Returning Member
jeanne17
Level 2
gborn
Level 2
harryweinberg
New Member
jeanne17
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.