We sold our recreational cabin property in 2019. We gave the buyer a $20,000 credit on the price (per our RE agent, rather than a $20k price reduction). The 1099-S is for the original amount instead of $20k less. Do I have to pay taxes on money never received?
No, you don't.
When reporting the sale in the program, I would add $20,000 to either the Selling Expenses or to the Basis (cost).
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