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Deductions & credits
thanks so much for the feedback - a few follow ups please
yes the substitute 1099-s was had written by the title company on a standard form with the % but they didn't write the gross proceeds in the row indicated for that, so i feel like i need to call the title company just to check- but i agree its visible on the closing statement at the very top as the total selling price
As for "proceeds" here is my confusion - the input screen to turbotax says "sales proceeds" but doesn't say input gross or net proceeds. So if I understand.... I should be entering GROSS proceeds in the cell? so that would be the "sale price of the property" on the closing stmt x our share of the house as noted on the substitute 1099-s. And please confirm if I understand cost basis row - if we feel the FMV hasnt changed in 3 months, we simply put the gross sales price in cost basis row BUT we'd also add all those closing costs (commissions) adjusted for our ownership share ? thank you again for thoughts
Footnote- what's throwing me off on the proceeds question a bit - when i click on the "proceeds" hyperlink and this is what pops up
Sales Proceeds
Sales proceeds are the total amount you received from the sales.
Your proceeds for sales of securities are usually reported to you on Form 1099-B or on a consolidated broker's statement. They may be listed as:
- Gross Proceeds
- Gross Proceeds Less Commissions
- Net Proceeds
- Net Sales Price
- Dollar Amount of Transaction
In most cases the amount reported has already been reduced by any fees or commissions. However, if you need to report fees, commissions, or other sales expenses that were not subtracted from the proceeds reported on Form 1099-B, you can enter these expenses as additional info when prompted to enter Sales Expenses.