Sale of Second Home

[ETax847]

Is there a worksheet for reporting the sale of a second home? This is the first time, I've come across this and didnt know if there was a certain way it needed to be reported in ATX?

[Pacun]

This is like reporting the sale of any other item since there is no exclusion and you have to report the profit as long term.

Cost(including land)+improvement-depreciation for the cost and then saleprice to come to a profit or loss.

I know others will give you better, more detailed answers.

[BulldogTom]

Never used for primary residence or rental?   No depreciation taken?   

If so, then it is a capital transaction, long or short, reported on the 8949 (box checked for basis not reported to IRS) and carried to the Sch. D.

Tom
Longview, TX

[Terry D EA]

Agree with all the above. Ask for records for the second home to take into consideration improvements, repairs to the building and property. Also, the expense of the sale. Check out Pub 523 and Pub 701. There is a good list of items to include as expenses or improvements to accurately calculate the gain.