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March 7, 2025
Question

TurboTax doesn't display loss when sales expenses exceed gain?

  • March 7, 2025
  • 1 reply
  • 0 views

I entered the following sale of a second home in the investments section:

 

I purchased it, sold more than 1 year after purchase

proceeds: $889,000

amount paid: $869,000

sales expenses: $55,775

 

889000 - 869000 - 55775 = -35775, so I believe it should have a loss of $35,775. However, TurboTax displays it as a gain/loss of $0.

1 reply

March 7, 2025

sorry, but the tax code does not allow for a loss on the sale of a second home.