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Sale of summer home reporting

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    Sale of summer home reporting

    Where is the sale of a second home reported? Is it simply shown as a longterm gain on schedule D? A form 1099-S was received and there is a longterm gain. My Proseries software gives zero guidance on how to report the sale. Thank you.

    #2
    It depends upon what the 2nd home was used for.
    Was it strictly a 2nd home (vacation home) or was it rental property?
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

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      #3
      Originally posted by JoeyVegas View Post
      My Proseries software gives zero guidance on how to report the sale. Thank you.
      Yes it does. Answer the questions on Home Sale worksheet and Pro will put it correctly on Sch D.

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        #4
        Absent any possible prior rental issues, it's a simple Schedule D, Code F on Form 8949 sale transaction.
        Hand-holding by tax software should not be of serious concern. Of course, as kathyc2 noted above, if you need to go the Q&A route I'm sure the software will oblige.

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