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Returning Member
posted Oct 30, 2019 11:23:46 PM

Can i deduct capital loss on second home

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Moderator
Oct 30, 2019 11:23:47 PM

Yes. Only the sale of a principal residence is exempt from capital gains/losses.

To do this in TurboTax CD/Download EasyStep mode, click on Income & Expenses>Investment Profile in the side menu. Check off “Capital Gains or Losses(shares, properties, etc)” and then click Continue.

To do this in TurboTax CD/Download Forms mode, use Schedule 3 Part 4 (top of page 2).