Question

Sale of Vacation home

Forum|Forum|2 years ago
February 4, 2024
2 replies
0 views

only form I have for sale of vacation home is substitute 1099s . How do I report that

Has your vacation home been used exclusively for "personal" use, or has it ever been a rental?

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

P

ppitz1Author

No. We just used it as snowbirds

D

DavidD66

You will report that in the same section that report stock sales. Here is how to report the sales of investment property in TurboTax Home & Business. Because it is not your primary residence it is not eligible for the exclusion of gain on the sale. To enter the sale in TurboTax:

Click on "Search" and type in "1099-b"
Click on "Jump to 1099-b"
On the page with "Did you sell any of these investments in 2023?" scroll down and answer Yes
Select "Other" and then click on "Continue"
Type in something like "Vacation House" instead of a broker, and click on Continue
On the "Now enter one sale of "Vacation House]" Click on the drop down menu for "What type of investment did you sell?" and select Second Home
Continue and enter the details of your sale. Be sure to adjust your sales proceeds by the amount of any sales expenses, such as commission, advertising, closing costs paid, etc. Also be sure to adjust your cost basis for any improvements you made to the property.