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February 16, 2022
Question

We sold our 1/2 interest in a second home. where do we report this.

  • February 16, 2022
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February 16, 2022

The sale of an asset is reported on Schedule D the same as you would enter the sale of stock.  To enter the sale of an asset:

  1. Sign in an open TurboTax;
  2. Open your 2021 return;
  3. Go to Income and Expenses and scroll down to Investment Income;
  4. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) and click on the button Revisit or Edit.
  5. Click on Add or Add More Sales.  
  6. Click on the Box that says Other and Continue.
  7. Click the I'll Type it Myself in the bottom right corner of the screen.
  8. Answer the questions:  The description should be the address of the property and click Continue.
  9. Answer NO to the next question and answer the remaining questions on the screen and click Continue.
  10. Select the Box  One by One and click Continue.
  11. Click Continue
  12. Sales Box select whether you have held your investment short term or long term.
  13. Next Box What type of investment did you sell? Click the drop-down and select Second Home.
  14. Box 1c enter the date you acquired the property/interest and the date you sold your interest 
  15. Box 1d enter the proceeds from the sale and your cost basis in the property. The cost basis is the amount of your initial investment plus any improvements/repairs you contributed to.
  16. Click Continue and answer the remaining questions.
  17. Continue to click Continue until you get back to the main screen.

You have now entered the sale of your interest in the second home.