Question

Turbotax question: Did you buy a home? Yes, but.....

Forum|Forum|4 years ago
January 30, 2022
1 reply
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We bought a second home and farmland, (not new primary residence) but then ended up having to sell both the same year. Turbotax asked if you bought a house, we'll we did but then sold it too. Do we answer yes even if it is not your primary home? And will the options asking about new scenerios also ask if we SOLD that second home? I want to make sure I am prompted to report the capital gains on the sale of that house and farmland too.

TurboTax Self Employed Online

H

HelenC12

Answer "yes" that you bought a home. The reason TurboTax is asking if you bought a house, not necessarily your primary residence, is so it can ask you about related expenses, like mortgage interest and property taxes.

Yes, you'll be able to enter the sale of your house and property. See Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?

Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft.

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