Sale of summer home reporting

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • JoeyVegas
    Junior Member
    • Mar 2020
    • 20

    #1

    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.
  • Uncle Sam
    Senior Member
    • Jul 2006
    • 1462

    #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

    Comment

    • kathyc2
      Senior Member
      • Feb 2015
      • 1947

      #3
      Originally posted by JoeyVegas
      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.

      Comment

      • FEDUKE404
        Senior Member
        • May 2007
        • 3649

        #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.

        Comment

        Working...