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June 27, 2020
Question

I have a short term capital gain on a second home. I need to ensure I have form 8949, schedule c and schedule d for this transaction. How do I enter this please?

  • June 27, 2020
  • 2 replies
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2 replies

RobertG
June 27, 2020

Sale of a second home is entered in the investment section of TurboTax. Follow these instructions:

  1. Open or continue your return in TurboTax.
  2. In the search box, search for sold second home and select the Jump to link in the search results.
  3. Answer Yes on the Did you sell any investments in 2018? screen.
    • If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Select Continue.
  6. Follow the instructions to completion.

This will generate a schedule D and Form 8949.  Schedule C is for self-employment income and will not be generated by the sale of a second home.

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February 14, 2023

I have TurboTax 2022 Premier.  I sold a second home.  When I click on no 1099B, the system does not display a place to select Second Home, as you said it would.  If I enter all my data, the system does not generate form 8949.  Please advise.

JohnB5677
February 14, 2023

Go to Wages & Income

  1. Scroll to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
  2. One of 2 screens could come up
    1. Did you have investment income in 2022? - Yes
    2. Or Add another investment
  3. Continue to Let's import your tax info
    1. Choose Enter a different way
  4. Select Other
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Critter
Employee
June 27, 2020

To enter this sale of a second home in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on” (jump to full list)
  4. Scroll down the screen until to come to the section “Investment Income”
  5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
  6. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
  7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
  8. Choose type of investment you sold - select Second Home