The sale of a second home is entered in the Investment section. You will need the Premier edition to report the sale.To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.Click on Federal Taxes (Personal using Home and Business)Click on Wages and Income (Personal Income using Home and Business)Click on I'll choose what I work on (if shown)Under Investment IncomeOn Stocks, Mutual Funds, Bonds, Other, click the start or update buttonOr enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment salesOn the next screen, click YesOn the next screen, click NoOn the next screen, choose Second Home and continue with the section until it completes.

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rawdog00

Question

Where do I enter sale of my 2nd home?

Forum|Forum|6 years ago
June 4, 2019
5 replies
0 views

No text available

TurboTax Deluxe Online

DoninGA

Employee

The sale of a second home is entered in the Investment section. You will need the Premier edition to report the sale.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Second Home and continue with the section until it completes.

Justme123

Employee

Where do I enter my expenses for the sale of the 2nd home or land? TurboTax does not ask any questions or have a section for any entries for them. TurboTax Deluxe

barryjfox1

where do I enter my original purchase amount

ken51

I need help in claiming the sale of my second home in 2019 with a capital loss

DoninGA

Employee

@ken51 wrote:

I need help in claiming the sale of my second home in 2019 with a capital loss

READ the answer provided above your post.

richardR1

Help

I received a 1099 S but no B

In TurboTax it has Net Proceeds.

Do I insert the total proceeds less cost I paid. For example if gross = 600 and I paid 500 do I enter 100?

Where do I enter costs such as commissions and special assessments ? Very confusing with TurboTax and it offers no helpful guidance so I hope the community can help. I have the Business and premiere. Thank you

VictoriaD75

To enter this transaction in TurboTax Online or Desktop, please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
Scroll down the screen until to come to the section “Investment Income”
Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
Since you did not receive a 1099-B, answer “no” to the 1099-B question
Choose type of investment you sold - select Second Home
Some basic information:
1. Description – Usually the basic timeshare information
2. Sales Proceeds – Net proceeds from the sale
3. Date Sold – Date you sold the property

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

ken51

I want to hear another statement from Tax expert regarding the sale of my second home in 2019.

I sold my second home in 2019 with a loss of $40,000 plus expenses including broker fees, closing fees.

This was no timeshare, nor any part of Airbnb. Can I claim as investment income for 2019?

Please answer asp. Your tax expert apparently told me during my tax return procedure that I

could not deduct the loss of my investment on Federal return. I had to pay franchise tax for the state of

California for the tax year 2015 for investment income as capital gain.

sope

Deleted. Wrong subject for me.

LB62

I'm also intetested in this getting fixed as I am in the same position with a loss on the sale of a second home. Will someone be making this issue visible before a lot of people end up with erroneous refunds?

DaveF1006

Was your second home a personal residence or rental property?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Dianaboston

Do not know about @LB62 but my sold second home was a personal residence — not an investment property, and NEVER rented or used as an investment. TT not asking these questions about the sale of a second home seems to be a HUGE bug in the software, that results in illegal tax deductions, that can generate erroneous refunds or credits on your return. Are they going to fix this?