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I and two siblings sold parents' home in 2017 (inherited). How do I enter ACTUAL net gains and related information given addition and other work done to home?
My two sisters and I inherited the home in 2010.
2010 Fair market value of home + land: $160,500
Addition to home (Kitchen/den extension): $40,855
Repair/improvements done during sale negotiation: $14,000
This all totals up to $215,355
House was sold for $223,500. Thus total gain (subtracting the above) was $8,145, or $2715 to each of us after all costs are accounted.
The 1099-S only shows gross proceeds of $223,500 for the sale, of which my allocation is $74,500.
How do I enter relevant numbers to show all this and report my net gain of $2733.33?
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‎June 1, 2019
12:31 PM