Thank you all for answering but I'm confused as ever now. I feel as if I'm getting mixed answers and my question isn't being directly answered so a lay person like me can understand. I just need to know: do I use the same figure in COST OF OTHER BASIS and SALE PROCEEDS? Since the FMV and the amount the house sold for, are the same? I have learned the sale proceeds are gross and not the check I received after all commissions, taxes etc. are taken out.
