You would enter the 1099-S gross amount but you'll be able to enter your cost basis. Your cost basis will include some of the amounts on your closing statement so you're only taxed on your gain. Don't forget to add home improvements, made in previous years, to your cost basis.
See Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
