Where do I enter the sale of a second home?
A house that you own and use (other than your main home) is considered a second home, whereas a home that you rent out for the full year is considered a rental property. More about rental properties
Examples of second homes include vacation cabins, homes inherited from relatives, condos that your college-age children live in, motor homes, RVs, even boats and travel trailers.
To qualify as a second home, the dwelling must include sleeping, cooking, and toilet facilities.
Here's how to enter the sale of a second home in TurboTax:
- Open your return in TurboTax.
- Click the Federal Taxes tab (Personal tab if using Home & Business), and then click Wages & Income below it.
- Proceed to the Your 2012 Income Summary screen and scroll down to the Investment Income section.
- Click Start or Update next to the first subtopic, Stocks, Mutual Funds, Bonds, and Other. (The sale of a second home falls under "Other".)
- Follow the on-screen instructions.
- If you're using the Premier or Home & Business versions, we recommend that you choose EasyGuide rather than the spreadsheet method.