I received 1099-S at closing. It lists Gross Proceeds from sale of 2nd home. I have not lived in the home for 24 months of the past 5 years so must pay capital gains.
Turbo Tax asks for Net Proceeds for sale of Second Home.
- Do I list $300,000, which is gross proceeds listed on 1099-S, or do I remove real estate fees of $18,000 and list net proceed of $282,000?
- Or should I list the $18,000 real estate fees as Sales expense?
Can I also deduct Title closing fee, Title Insurance and payoff wire fee?
Your guidance is appreciated.
