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Question

I sold a second home I owed for 9 years. Not really rented just put my family members in from time to time. I never earned money with it. I made 120 thousand on the sale.

Forum|Forum|3 years ago
April 2, 2023
1 reply
0 views

How do I file?

TurboTax Premier Online

Employee

The second home would be reported as an investment sale.

To enter an investment sale -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

fredkozicAuthor

I paid 30000 in principle payments over those years. Should I post that as cost of investment?

Employee

No, mortgage payments, principle or interest, are not included in calculating the gain or loss on the sale.

Gain or Loss - Sales Price minus Sales Expenses minus Adjusted Basis (Purchase price plus the cost of any improvements prior to the sale).