Vacation Home Sale

[Opfor77]

Hi all!  Where is everyone entering the sale of a second (vacation) home?  If I input in the sale in the home sale worksheet, even checking all the boxes showing it doesn't meet the main home use test, it still shows up on 8949 as "main home sale".  Do I directly enter in Sch D, or is there a box or two I missed checking on the home worksheet?

[ajp]

I put it directly on the schedule D, but maybe there is a better spot.  I know that I haven't had success on the home sale worksheet.  

[grossie]

I had a couple  of such sales so far.  I treated the sale the same as a stock sale on the 1099-B worksheet that ties to Sch D.  Made notes to support the sell and buy figures.

[Opfor77]

So you just put the address on the SCH D description, and chose Box F for L/T?

[Opfor77]

I'm wondering if the IRS cares if it's put on the home sale worksheet as long as no exclusion is taken.

[ajp]

You don't have to choose a "box" if you know both the purchase and sale dates.  I mentioned putting it directly on schedule D, but this is what I meant as well (1099-B form). For description, I enter "REAL: address" and give the purchase/sale dates, the cost/basis and sales price (using support boxes if needed)

[Opfor77]

Thank you. That’s what I ended up doing. 

[Skylane]

Try the sale of home worksheet again... they improved it last year and if you complete it you should have a good record of the calculations and i think it will automatically make the appropriate sch d entry....

[Opfor77]

It does transfer to sch d, but the description automated on sch d says something along the lines of main home. I wasn’t sure if that would be an issue if it’s a second home. 

[KCash77]

Open the Form 1099-B Worksheet. On the Quick Entry Table, enter the Property Address,  Date Sold, Date Acquired, Sale Price & Cost Basis. Double-click on the Description or anywhere in the field .That will bring you to the Capital Gain (Loss) Adjustments Worksheet. In Part I, enter the Sale Price & the Cost Basis. Scroll to Part III and check box for "This is a vacation home or other personal use property with no business or rental activity."  What I can't find is where to put the Closing Costs/Selling Expenses. I tried using Manual Adjustments in Part II, using Code E, and putting in Closing Costs as a negative number, but that results in a Gain on the Form 8949 & Schedule D. Does anyone know where to put the Closing Costs?

[Just-Lisa-Now-]

I havent had one of these in many years, but I guess youd have to add them to bass, so you still have a sales price that matches the 1099S. If no 1099S, you could just make the adjustment to the sales price.

[KCash77]

Thanks Lisa. That's what I ended up doing...added to the Cost Basis. There is a way to do it, but I haven't figured it out yet. Btw, have read and enjoyed your posts for years. I don't post very much, but I do come on occasionally. Enjoy the stretch run to the 17th.

[KCash77]

That last post just put me at Level 3 though.