Question

Sale of second home

Forum|Forum|4 years ago
February 6, 2022
1 reply
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Using Turbo tax premier. Discussions online show to go to investments - select stocks, mutual funds, bonds, other. next screen: "Here's all the investment accounts we have so far." which is blank. Click add an account. System asks if there is a brokerage statement. Click no, next screen goes into sale of asset one. No option ever appears regarding the sale of second home regardless of how I fill in the requested info. Just going by online discussions that appear. What am I doing incorrectly?

A

Anonymous_

Employee

You simply enter a description, the sales price, and basis, etc., as if the second home was a stock or mutual fund.

There is no option to select "second home". However, note that if there is a loss, you must indicate that the property was held for personal use (since the loss is not deductible).