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March 25, 2025
Question

My wife and I sold a second home in Canada. Owned for 20 years. Have paid 25% taxes on gains to Canadian government. How do I report using Turbotax Deluxe?

  • March 25, 2025
  • 1 reply
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My wife and I sold a second home in Canada.

We used it for 20 years but not a legal residents.

We have paid 25% taxes to Canadian government. 

How do we report the income in Turbo tax Deluxe?

    1 reply

    JohnB5677
    March 25, 2025

    You may have to upgrade, but this is considered an asset and is posted similar to a stock.

    You’ll have to use TurboTax Premium to report the sale of a second home, 

     

    1. Open your tax return
    2. Click on Federal in the left-hand column, 
    3. Then on Wages & Income 
    4. choose Investments and Savings and click on the down arrow on the right
    5. Click on Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
    6. Did you sell any investments?
      1. yes
    7. Did you receive a form 1099-B or brokerage statement? 
      1. No
    8. Select Other (other investment purpose) from the list of investments.
    9. Follow the TurboTax interview to enter your information. 
      1. If you incur sale expenses, you can subtract them from the proceeds

    Where do I enter the foreign tax credit (Form 1116) or deduction?

     

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