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January 25, 2022
Question

Sold a jointly owned home with my sister. She lived there until the sale, I have been rently elsewhere. Do I have to claim this?

  • January 25, 2022
  • 2 replies
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2 replies

ColeenD3
January 25, 2022

Yes, you were a part-owner and I assume you received your portion of the proceeds. You need to report the sale and pay tax on any gain. Since this was not your personal home and I assume this was not a rental, report it as a second home.

 

TurboTax Online

  1. Open or continue your return
  2. In the search box, search for sold second home and select the Jump to link
  3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2021? screen
    • If you land on the Your investment sales summary screen, select Add More Sales
  4. On the OK, let's start with one investment type screen, select Other, then Continue
  5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
  6. On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale

 

 

ColeenD3
January 25, 2022

Yes, you were a part-owner and I assume you received your portion of the proceeds. You need to report the sale and pay tax on any gain. Since this was not your personal home and I assume this was not a rental, report it as a second home.

 

TurboTax Online

  1. Open or continue your return
  2. In the search box, search for sold second home and select the Jump to link
  3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2021? screen
    • If you land on the Your investment sales summary screen, select Add More Sales
  4. On the OK, let's start with one investment type screen, select Other, then Continue
  5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
  6. On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale