Question

Sold 2nd home - do i use investment section instead of home section for turbotax premier

Forum|Forum|2 years ago
March 17, 2024
1 reply
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I sold a second home it ask for seller expense and I notice on tax return it just adds this total amount to adjustment it never asks me to describe or put them what these seller expenses are like agent commission, additions to home. is this normal and is how tax return work

D

DavidD66

You will report that in the same section that report stock sales. Here is how to report the sales of a second home in TurboTax:

Select Personal
Click on Personal Income
Click on Wages & Income
Click on I'll choose what I work on
Scroll down to "Investment Income and Select Stocks, Mutual Funds, Bonds, Other"
Answer NO to the question "Did you get a 1099-B or a brokerage statement for these sales?
Select "Second Home" and click Continue
Enter the sale information and click Continue
Continue with interview questions. On the page with Enter Cost Information, enter your acquisition date and cost basis. Your cost basis is your original cost , adjusted for acquisition costs, improvements, etc.
Click Continue