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Deductions & credits
Ok ... lets take this down to the brass tacks ...
Purchase price + cost to buy + improvements + cost to sell = basis
Selling price - basis = capital gain
If the capital gain is 250K or less then the sale doesn't need to be reported on the income tax return at all EXCEPT if a 1099-S was issued at the closing. So review the pile of paperwork that was sent to be sure that one was not issued. They should have asked you about all the cost basis info to determine if a 1099 was required or not.
‎November 19, 2021
8:33 AM
1,218 Views