I have a 1099-s form with Gross proceeds of $520,000. My net income was $484,4999.4. Is there a form besides form 8949 to report the sale of a house? Is there a place to deduct the title and real estate fees?
Also, is there a place to enter the market value of my property and if so how would that affect taxes owed?
I understand that there is an automatic subtraction of $250,000 from the gross proceeds, is that true?
Is the income from the sale of my house taxed as ordinary income in addition to capital gains?
Is there a place to list property improvements and how would that affect taxes owed? I have moved from Utah to Arizona. I assume that I won't owe AZ income tax but how will Utah tax the proceeds from the sale of my house?
