Hello,
Back on November, 2021 my parents and myself sold a house we bought together several years back. We lived in the house for about 7 years before selling it. Each of us received a form 1099-S in our names from the title company with the exacly same amount ($88,351) on the Gross proceeds' box. The issue is that the home sold for 265k, then after deducting the commissions, fees and the original morgage owed, we ended up receiving 49k myself and my parents 98k as per the ALTA settlement statement we received from the tite company at time of closing. So, for filling porpuses what amounts are the ones needed to be reported? The amounts on the gross proceeds box?
Thank you
