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UPDATED FOR TAX YEAR 2019
You should enter the sale on the federal return and the information will flow to the MN return.
If this was a second home and not a rental property, enter the sale as the sale of an investment, following these steps:
A sale of a second home is considered a sale of an investment. To report this in TurboTax, please follow these steps:
- Click on Federal > 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
Second Home and click Continue. - On the next screen, enter the 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.
If the home was a rental property, enter the information in the Rental Properties and Royalties section of the Wages & Income screen.
[Edited | 4/15/2020 | 12:09pm PDT]
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