ThomasM125
Expert Alumni

Get your taxes done using TurboTax

You should report the proceeds listed on your form 1099-S as the net proceeds and add the costs of sale to the basis (cost of property plus improvements, less depreciation if any). So, the gain or loss will be what you made on the sale.

 

You are not required to report the name or ID listed on the form 1099-S. You just keep that in your files in case you ever get audited.

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