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Reporting Sale of Secondary Residence

tccpg289
Level 1

Taxpayer X had a secondary residence that was sold in 2020 for a gain of $40,000.

What form or worksheet in ProSeries is used to capture the sale of a second residence?

I want to ensure I can enter the sale price as well as the associated closing costs, capital improvements to the property.... 

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3 Replies 3
Just-Lisa-Now-
Level 15
Level 15

I just use the 1099B worksheet, scroll down to the entry table. 

If a 1099S has been issued, you may want to make sure you use that figure for the sales price, so IRS can cross match it with the 1099S, then make any other adjustments to the basis to come up with the correct gain.   You can click the little notepaper icon next to the entry box for Cost basis to spread out the purchase price, expenses, etc...IRS doesn't see all that anyhow.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
tccpg289
Level 1

So you use the worksheet even if they did not receive a 1099?

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Just-Lisa-Now-
Level 15
Level 15
that's the only way to get to a place to make capital transactions entries. Just skip over the brokerage info, or use that area to put "Sale of second home" or some kind of description...IRS doesnt see any of that, its all for your info only.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪