Sale of second home

Forum|Forum|3 years ago
February 1, 2023
2 replies
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We sold our second home in 2022. How do I itemize our realtor commissions and other capital improvements? We have purchased desktop turbotax premier but cannot locate a spot to enter our capital improvements/commissions. Do we need to itemize our deductions or complete attachment A? How do we complete form 8949 when the system states it will automatically complete it for us? Last question, do we create our own spreadsheet for tracking/auditing purposes and include the amount of commissions/capital improvements in the cost or other basis section? Please help.

Best answer by Vanessa A

Your capital improvements would be included in the cost or other basis along below your sale price. After you enter all the information on the "Tell us about this sale" screen click continue, then on the next screen click done.

Go two more screens until you get to "select any less common adjustments that apply" on this screen you can select "The reported sales price did not deduct all fees or selling expenses". You can enter the commissions you paid here.

You will also select "Any loss from this sale is not deductible for reasons other than disallowed wash sale" and then check this is personal use property.

It is always a good idea to have a spreadsheet that you keep with your records for tracking/auditing purposes.

MAK70

You can add the Commissions to Selling Expenses and the improvements will be Adjustments to Basis. Please see Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?

dnrrasconAuthor

We have reviewed that link to no avail. My questions remain unanswered. Please help.

Vanessa AAnswer

You will also select "Any loss from this sale is not deductible for reasons other than disallowed wash sale" and then check this is personal use property.

It is always a good idea to have a spreadsheet that you keep with your records for tracking/auditing purposes.

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