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Get your taxes done using TurboTax
I don't know how much the 1099-S will be for. You'll have to ask the closing agent that question. It could be $180K or it could be the FMV. Based on other postings I've seen here, in this forum, If the mortgage Co. handles the closing it probably will be the FMV. The gift of equity goes no where on your tax return. That's a side issue.
What ever amount is on the 1099-S is both your sale amount and your basis for form 8949, as you want the gain/loss to show as 0.
What ever amount is on the 1099-S is both your sale amount and your basis for form 8949, as you want the gain/loss to show as 0.
‎June 4, 2019
2:33 PM