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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.

Show previous replies

donlarsen1948

I have TT Premier Where do i report the sale of a personal cabin at a profit? Schedule D

DianeW777

Yes, it will be reported on Schedule D. A second home sale is reported as an investment sale for tax purposes. A gain will be taxable but a loss would not be allowed due to personal use of the property.

To report your second home sale you can use the steps outlined here.

As you go through the sale of your second home, there is a dropdown to select 'second home' (see the image below). Also you likely did select the correct box to enter the sale after you select Stocks, Mutual Funds, Bonds, Other (1099-B), be sure you selected the 'Other' box (see image below).

The second home sale can be entered into TurboTax CD or Desktop version by following the steps below.

Open your TurboTax account > Select the Personal tab then Personal Income > I'll choose what I want to work on
Scroll to Investment Income > Select Stocks, Mutual Funds, Bonds, Other > Start or Update
Add or Edit your sale that is NOT reported on a Form 1099-B > Select to enter a summary of each sale (you only have one)
Enter the Total Proceeds > Cost Basis (includes any capital improvements while you owned the property)
Enter the holding period - if you owned the property for more than one year the it is long term, one year or less is short term
Continue to finish your sale.

The gain from the sale will be fully taxable because a second home is not eligible for the home sale exclusion. See the image below for assistance. Whether you specifically select Second Home is not relevant for the tax return itself.

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

CCDAve

I've been using TurboTax for years, began back in 80s when it was MacInTax. I'm not happy with not having a 1099-S for sale of second home. This workaround that folks are forced to use is awkward and not satisfactory. TurboTax is normally very good, but not this year. How about a software update to fix this???

M Cant

How do I file for taxes?

ReneeM7122

You can enter the information regarding the sale of a second home in the investment section of TurboTax.

Note: To report investment sales, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.

Here is a link to a thread with more instructions.

@M Cant

PaunchyPirate

@ReneeM7122 What confuses everyone is that experts keep referring to instructions that no longer match the software. In TurboTax Deluxe Desktop edition, there is no longer a way to "Select Second Home" per your linked instructions. The application just generically wants you to enter the home sale numbers and related data using screens that really look like they were designed to capture a stock investment sale. Will it work? I guess. But Intuit should really stop giving guidance like the software is obviously set up for the entry of second home sale data.

perez4

i dont now where to place it in turbo tax

DoninGA

Employee

@perez4 wrote:

i dont now where to place it in turbo tax

READ the answers provided on this thread

Keith28

I am not seeing any help on this issue that is current to tax year 2021. Someone needs to address this question for the current situation.

Anonymous_

Employee

@Keith28 wrote:

I am not seeing any help on this issue that is current to tax year 2021. Someone needs to address this question for the current situation.

The original question was "where to enter Sale of Second Home?" and that has been answered (several times, in fact).

CYNi1946

I’m still unsure on those that were asking about “depreciation” on prior years? Would that be due to renting/leasing or using property for short-term rental? I’ve never reported anything but property tax.

Thank you for the help!

Karenfjensen

SALE OF SECOND HOME

MMGG1976

I reported as a Sale not reported on Form 1099-B
Description "sold 2nd Home"
Gross proceeds per the 1099-S

On Tell us about this Sale "I'll enter one sale at a time"

Kept selecting continue button

On Select any less common adjustment that apply

checked the reported sales price did not deduct all fees or selling expenses
Filled in expenses from Settlement Statement
Checked Any loss from this sale is not deductible
Checked this is person use property

herro4

This exact problem has resurfaced on the 2024 Premier version. The program is simply not allowing entry into "Other" under investments. The program incorrectly takes you to the broker or brokerage section which relates to 1099-B. The problem is this is a sale of a second home and should take you to enter that info starting with the form 1099-S gross proceeds. There has got to be a fix to this, because now I'm at a standstill.

DoninGA

Employee

@herro4 On the screen for selecting Investment Type select Other and continue

herro4

Thanks, I did that, but it takes me to a screen wanted to enter Brokerage information and 1099_B stock or bond type sales and not to a screen to enter information for the sale of a second home - or 1099-S. I think there is a program bug