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How to determine home basis amount from settlement statement
I sold my primary home in 2020, and I need to report it on my federal taxes. I've dug up the old settlement paperwork from when I purchased the home in 2008 to determine my basis (attached for your reference). I'm not sure which number to report. Is it the $300,000 in line 101 (contract sales price), or the $297,300 at line 303? Also I read on the IRS website that HOA fees are not counted for the basis. I'm very confused about what counts and what doesn't. Does it matter if I make a minor mistake? The capital gains I made falls well under the primary home exclusion amount (which I qualify for), so I wouldn't owe capital gains tax regardless of which number I choose as the basis (line 101 or line 303). Any help would be appreciated thanks.
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‎February 28, 2021
8:55 PM