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aprilrayne612
February 17, 2022
Question

Home purchase

  • February 17, 2022
  • 1 reply
  • 0 views

My husband I purchased a second house with no mortgage.  When I go in to add this it asks for a lender.  Is there anywhere else I can add or what do I put in the lender field.  6 months later we sold said house.  This was not our intentions by no means, but we are here now.  Any advice would be greatly appreciated.

1 reply

DMarkM1
DMarkM1
February 17, 2022

You are correct. You are trying to enter a deduction for mortgage interest when as you state there is no mortgage.  The other deduction for a second home is the real estate taxes paid. 

 

You can enter that in the "Deductions" tab as well. 

  1. Scroll down to "Your Home"
  2. "Show More"
  3. "Start/Revisit" the "Property/Real Estate Taxes" topic

 

To enter the sale of your second home that will be in the "Income" tab:

  1. Scroll to "Investments and Savings"
  2. "Show More"
  3. "Start/Revisit" the "Stocks, cryptocurrency, mutual fund..." topic
  4. "Add Investments"
  5. "Continue"
  6. "Enter a different way"
  7. Select the "Other (second home) 1099S" tile and "Continue"
  8. Enter information on the purchase and the sale

Any gains on the sale become taxable income. 

 

 

 

 

 

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