- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
State tax filing
No, to report the sale of rental property in PA, you will only use Schedule D unless it is an installment sale, then you would use Schedule D-1.
The gross sales price less expenses is just a condensed answer to report the actual amount you received from selling the property. So if you sold it for $200,000 and paid commissions of $12,000 with no other expenses, then you would enter $188,000.
Your cost basis is the purchase price plus any improvements or other capitalized items over the time you owned it.
PA wants you to condense things instead of detailing them. If they have questions, they would then contact you.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 6, 2023
7:09 AM