Question

sale of second home 1099 S

Forum|Forum|4 years ago
March 3, 2022
1 reply
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I need help completing my 2021 taxes

I sold a second home I have had long term, it is not my primary residence

past 5 years was used by step son free

I have my initial cost basis at time of purchase 1997

1099 S has my gross proceeds

I have my seller statement.

I have receipts for improvements and additions which I want to use to increase my cost of home

where do I add the figures for my improvements to the cost basis (home purchase cost + improvement cost) the program is not very clear on this.

thank you.

M

Mike9241

since there is no home sale exclusion available and depreciation was neither required nor taken add the purchase price and cost of improvement and closing costs on the purchase. you selling expenses would those qualified expenses on the closing statement for sale.

gain would be long-term capital. loss would be non-deductible.

T

Terry bachAuthor

Thank you Mike. That is what I thought but the program is not clear. And I purchased the premier for this purpose as I had issues last year with clarity on the basic program.

Terry

T

Terry M1

Also experiencing 'Sale of Second Home' reporting syndrome. Discovered how to get to 'Sale of Second Home' in Wages & Income bypassing the 'Did you receive a 1099B and enter under 'Description' Sale of Second Home'. Even so it is not clear to me that given I received a 1099S from the title company where I enter that information in Premier. I doesn't offer that form in 'Forms' to add into my paperwork.

Would be most helpful if someone would explain why that form isn't available and howe to deal with that.