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Solved

Sale of second home

Forum|Forum|5 years ago
January 22, 2021
17 replies
0 views

I have a question about the investment section where to enter Sale of Second Home. I'm using the Home and Business edition. Part of the section in investments is missing. No place for sale of second home or any other type of sale. Only 2 check boxes for stocks. Last years software had all boxes available. I may be getting ahead of the game and updates but just want to make sure there is no glitch in my software. The last update was 1/21/2021.

TurboTax Home & Biz Windows

Best answer by Anonymous_

There is a new program calculation so the screen that was present in prior years is not necessary.

Simply enter the transaction in the same section as you mentioned in your post.

Anonymous_Answer

Employee

There is a new program calculation so the screen that was present in prior years is not necessary.

Simply enter the transaction in the same section as you mentioned in your post.

silverhawk6

I entered the info on the sale of the second home where it says to do so but I don't have any doument telling me an institution name and account number. It was not an institution that sold the house and it was not the realty company that sold the house, it was me. But turbotax keeps prompting me to go back and put in that information. If I just skip that will it be a proble?. I show the gain, etc.

Anonymous_

Employee

@silverhawk6

When you are confronted with the question as to whether you received a 1099-B, answer "No".

reg-dora

I am having the same problem . In addition I am seeing no depreciation carried forward from previous years. I have been through the depreciation section several times with no success.

ColeenD3

The program includes all you need in order to record the sale of a second home. You would enter your information in the Investment Section. See the screen shots below.

PaunchyPirate

What version of TurboTax are those screen shots from? I am using TurboTax Premier 2020 installed on my desktop PC. I see a "similar" screen to your first one. But it is not identical. I don't appear to be able to attach screen shots. Mine says "Did you sell any investments in 2020?" and then lists Stocks, Bonds, Mutual Funds, A second home, Collectibles, Personal items. It then says "Forms covered in this section: 1099-B, 1099-S, brokerage statements". That's all that is on that screen. I click "Yes" to continue. It does NOT show the rest of your screens. Instead, it directly goes to "Did you get a 1099-B or a broker statement for these sales?". I say NO. It then says "Tell us about this sale." I select "I'll enter one sale at a time". It then presents a screen where I enter the same information I had to enter for my brokerage stock sales. Nothing on this screen is specific to a sale of a second home.

hillgaAuthor

So the whole section has changed from previous years? No need to put in address of home sold or other info. Just treat everything like a stock sale? It seems like there is a glitch somewhere. Also it shows this section is for a 1099B or 1099S..Only coming up with 1099B (broker) . Not sure why things changed. It was so easy before.

wmarsh68

I have a 1099S for proceeds for sale of a second home. I also bought another second home, an upgrade from the first. Both transactions occurred in 2020. Can I input data in TurboTax Premier? If so where?

ColeenD3

You would enter the sale in the Investment section as "other investment.". You don't enter the purchase of a new home, other than to take the mortgage interest and property tax deductions.

PaunchyPirate

I agree that this is not cleanly working and I hope Intuit can address this in the application. They have an online help article that was just edited this week on the entry of the sale of a second home and its instructions do not match the screen in the application. Even if you proceed to use the current screen, the long term/short term pulldown menu still refers to boxes from a 1099-B form. And if you fill out the data fields provided, the underlying worksheet forms populate with unclear data. There is no reference to the sale of a second home at all. This should be addressed better in the application. The way it is now, I don't have any confidence that it is being handled correctly. Too many loose ends.

billsmith

Yes they blew it in 2020.

So, Intuit was WORTHLESS in trying to get an answer as to why their instructions for the sale of a second home would not work as described in their help section. I’m sure I am not alone in this “non-support” of paying customers.

So, here’s how I did it.

Answer YES and NO as indicated in their worthless instructions and then click enter single sale.

This sets you up as if you are replicating a non-issued 1099-B. Continue to enter data and move to the next two pages. There it will eventually ask you if the proceeds are from a second home sale. Click the box to indicate that is true.

BUT it doesn’t help you much past that. Although to does generate a Form-8949 where you can then enter most of the info for proceeds, cost basis, codes for adjustment and adjustment amount. For the sale of a second home, the adjustment has to match any loss so the gain is zero (not a loss which is not allowed for the sale of personal use property such as a second home or vacation property.) – here I used the code “L”).

These values should be reflected in the Capital gain/loss worksheet(s) that are generated AND, in this case, the box for personal use property or vacation property should be checked, as well.

I had to go back to the 1099-B worksheet to override the financial institution name and add the lawyer’s Tax ID under reporting entity, since I could not find a way to edit the “No Financial Institution” the program puts there when you say no 1099-B was sent (because it was a 1099-S you got – Right?).

Certainly not a “We’ll walk you through it” scenario but it got the job done.

Take note INTUIT.

I am using Turb0Tax Home and Business 2020 on my Windows 10 PC.

jigamaree

I hope this works! I inherited some farm land, no house on it, and sold it shortly after getting it. I have been trying to figure out how to enter it with no luck.

I opened up last years turbotax and the options are all there so the big question is why did it go away this year?

MayaD

The sale of inherited land is reported as a sale of an investment.

To enter the information in the TurboTax Desktop:

Click on Federal
go to Wages & Income
In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other. If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far. Click on the Add More Sales link.
If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX? Click the Yes box.
Answer No on the screen, Did you get a 1099-B or brokerage statement…”
On the screen, Choose the type of investment you sold, mark the button for Land and click Continue.
On the next screen, enter the land sale information. Be sure to enter the net proceeds and mark whether income taxes were withheld or not.
Continue through the screens, entering the requested information.

You need TurboTax premier or higher to enter the sale of Investment

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

sope

I have the same issue that others with the PC desktop version (mine is Premier) are having. This is very frustrating...

Anonymous_

Employee

@sope wrote:

I have the same issue that others with the PC desktop version (mine is Premier) are having. This is very frustrating...

Frustrating or not this, apparently, is the new design for the desktop versions.

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notme1

TurboTax Deluxe (download WIN) for 2020 does not handle the sale of a second home.

I want my $75 back.

The pseudo-answers given on website do NOT work.

Cannot get through to TECH SUPPORT. I have talked with Tax support experts and they agree that the software is not working.....

DoninGA

Employee

@notme1

Go to this TurboTax website to request a refund for the software purchased from TurboTax - https://support.turbotax.intuit.com/forms/refund-request.jsp
Use this TurboTax website to check your orders and payments -
https://turbotax.intuit.com/personal-taxes/cd-download/order-status/

PaunchyPirate

TurboTax desktop version downloaded a new update for me this morning. The online help has been modified for the "Sale of Second Home" topic. It now includes 2 links -- one for the process in the online version and one for the process in the downloaded/CD/Desktop version. The desktop version of the help now matches the actual screens. However, the basic process has not changed in the application. Intuit clearly just wants us to use the same screen for all investment types. There is now a second screen of entry fields that I cannot remember if it was there previously or not. It prompts for accrued market discount, wash sale loss disallowed, proceeds from collectibles, federal tax withheld, state tax withheld, state ID number. None of those particularly relate to a sale of a second home however.

In my situation, I guess the minimal fields they provide will suffice for me to file the info about my second home sale. Looking at the IRS instructions for my situation, I think Turbotax is entering the right data in the right forms. But it still feels like a "dirty" transaction to me given that the software doesn't specifically address the situation more naturally. I'm disappointed in Intuit and will likely consider other options going forward.

pws37

I received form 1099-S from a Title Agency. Is there an IRS form that I need to complete??

ColeenD3

Yes, you need to enter the information in the return. It will be entered on Form 8949 and Schedule D. You may be able to exclude the gain if this was your main home. A loss is not deductible.

How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.

You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.

To enter the 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
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

eumace

My residence is Florida and I owned a home in Alabama. In 2020 I sold the Alabama home. How do i report the sale to Alabama since I do not normally file a state return for Ala?