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Get your taxes done using TurboTax
There isn't a sales price value listed on the 1099-S form; only a Gross proceeds value. Is that what you mean?
If I enter the values
Proceeds = $26,460 (which is the Gross proceeds value indicated on the 1099-S form) and
Fair market value = $126,000 (which was the home's comparative market analysis value),
won't that raise a red flag that the proceeds are significantly less than the fair market value?
‎April 3, 2024
10:45 AM