Which product do I need if we sold more than 2 houses in 1 year?

Forum|Forum|2 years ago
February 20, 2024
1 reply
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Hi! We sold 2 homes and 1 vacant property in 2023 and the Turbo Tax Deluxe only allows you to list 2 home sales. I upgraded to Premier and have the same problem of only being able to record 2 sales. I thought upgrading would fix this problem, but can someone please advise me? THANK YOU!

Best answer by DavidD66

You should be able to report two home sales and a vacant lot sale in Premier. You report the land sale in the same section in which you report stock and other investment sales. To Enter in TurboTax:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you have investment sales in 2023?" Answer Yes
Answer No to "Did you have crypto income or losses in 2023?"
Skip the import sections and click on Enter another way
On the screen with OK, let's start with one investment type, click on "Other"
Answer No to "Did you get a 1099-B..."
Enter the name of the person or entity that brokered the sale (you can leave this blank)
On the "Now enter one sale for [description]" Indicate "Land..." (you will have to choose between "investment" and "personal use")' then give a description like "vacant lot".
The interview will walk you through entering the details of the sale

For a second home, you would repeat the steps above, only you would choose "Second Home" instead of Land. For your primary residence:

Enter "Sale of home" in search
Click on "Jump to sale of home"
Review whether or not you have to report the sale
If you do need to report the sale, click on Yes, and the program will guide you through the sale of your primary residence

DavidD66Answer

You should be able to report two home sales and a vacant lot sale in Premier. You report the land sale in the same section in which you report stock and other investment sales. To Enter in TurboTax:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you have investment sales in 2023?" Answer Yes
Answer No to "Did you have crypto income or losses in 2023?"
Skip the import sections and click on Enter another way
On the screen with OK, let's start with one investment type, click on "Other"
Answer No to "Did you get a 1099-B..."
Enter the name of the person or entity that brokered the sale (you can leave this blank)
On the "Now enter one sale for [description]" Indicate "Land..." (you will have to choose between "investment" and "personal use")' then give a description like "vacant lot".
The interview will walk you through entering the details of the sale

For a second home, you would repeat the steps above, only you would choose "Second Home" instead of Land. For your primary residence:

Enter "Sale of home" in search
Click on "Jump to sale of home"
Review whether or not you have to report the sale
If you do need to report the sale, click on Yes, and the program will guide you through the sale of your primary residence

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