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Rockwell60
Returning Member

Can i deduct capital loss on second home

 
1 Reply

Can i deduct capital loss on second home

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).