Sale of 2nd home

Forum|Forum|2 years ago
February 19, 2024
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We did the sale of a second home. We did not use it as rental; my mom lived in it rent free. Although it wasn’t a rental, should I list the sale of the home under business investment as if it was a rental.? I don’t see any other way to pay the taxes on the sale.

It is also asking about depreciation. We only owned the property for about 4 years and sold for a profit. I don’t understand if we are supposed to list something for depreciation?

DavidD66

No, do not treat as a rental. There should be no depreciation. You will report the sale in the same section in which you report stock and other investment sales. To Enter in TurboTax:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you have investment sales in 2023?" Answer Yes
Answer No to "Did you cave crypto income or losses in 2023?"
Skip the import sections and click on Enter another way
On the screen with OK, let's start with one investment type, click on "Other"
Answer No to "Did you get a 1099-B..."
Enter the name of the person or entity that brokered the sale (you can leave this blank)
On the "Now enter one sale for [description]" Indicate "Second Home" and give a description like "Second Home".
The interview will walk you through entering the details of the sale