How do you report the Sale of a Lake Cottage?

[marita]

Trying to report the sale of Lake cottage.  It was never the main home & the gain should end up on the Schedule D.  I don't see a way to enter it directly to the schedule D,  It appears you must use the 1099B worksheet to enter brokerage transactions on the 8949.  How do you enter other transactions?  I've used this software for more than 25 years. I've searched "Where do I enter...?" with no luck.  No Sunday tech support hours either.  Any ideas would be appreciated,

[jeffmcpa2010 · Accepted solution]

This is a guess, and I'm not at work so cant check the software.

Try using the Home Sale worksheet - and just answer the questions so they don't qualify for the exemption?

[HillBilly]

If you have been reporting it as rental property, on schedule E Wks.  Otherwise 1099-B Worksheet.

[marita]

I had started that worksheet, but thought maybe there was a better way. It seems to have worked. Thank you.

[HillBilly]

Guess you could use Sale of Home Wks as well, if not rental property.

[BobKamman]

I would NOT use the Home Sale worksheet -- that's for primary residence sales.  Use the 1099-B worksheet.  It's not just for brokerage accounts.  

[marita]

Ok. Thank you.  I will try that as well.  It is not real clear how to get my end result with the new changes in ProSeries.  

[BobKamman]

Immunize yourself against “But This Is Such A Big Deal Syndrome.” Yes, it gets reduced to “just one line on an 8949" (Good title for a country song). Same as selling a coin collection for $5,000 with a basis of $2,500. But IRS sees even bigger deals, all the time. They don’t want to hear your story, they just want you to pay the tax.