Bought a second home in 2018 for 115,000, sold it in 2019 for 135,000. I did not receive a 1099-S or any other escrow settlement statement, but for a second home I am reporting it under Investments in Turbo Tax.
In Turbo Tax specifically, I want to clarify the definitions for "Proceeds" and "Total Amount Paid" specifically for a second home sale, as they seem geared towards stocks not property sales.
For Proceeds, does that mean the home sale price (e.g. 135,000), or is that the cash I received at closing, after deducting fees, closing costs and mortgage payoff?
For Total Amount Paid, is that the purchase price of the home (e.g. 115,000) or does that include closing costs, fees, etc.?
Thanks -
Tina
