MarilynG1,
Those are exactly the steps I took. But I think I may see the problem.
I did not receive a 1099-S from the realtor, only a HUD-1.
What I did:
For "Proceeds" I entered the gross sale price ($800,000).
For "Sales Expenses" I entered closing costs and the 6% commission to the realtor ($66,469).
Should I have:
Should "Proceeds" be the net received after closing costs and commission and "Sales Expenses" ($800,000-$66,469=$ 733,531) ?
And "Sales Expenses" be expenses -- professional fees, inspections, contractors and permits ($126,500)?
If yes, where do I need to itemize those expenses or do I need to itemize them?
Thank you,
Jim
