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Get your taxes done using TurboTax
Yes, the $171K was my share of the gross proceeds of the sale amount. The $94K was my net after mortgage payoff and closing costs. Then what I must do I guess is to take the loan payoff, closing costs, and any other expenses and use 29.69% of that amount (which was my ownership interest). Add that sum to my investment amount of $102,200, then subtract that total from the 1099-S gross proceeds to establish my gain or loss on the sale.
Do you concur?
Thank you so very much,
Marcus
‎April 26, 2021
12:04 PM