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Business & farm
All of those closing costs are combined and entered as the "expenses of sale."
When you are entering the transaction into TurboTax you will enter the amount that you received for the house (the amount from the 1099-S, which may be greater than the actual check that you received), then the value of the house is the value at your mother's date of death.
Then it will ask for expenses of sale and you will enter any amounts that you spent fixing the house up to get it ready as well as any amounts that you were charged at the closing. The end result is the loss or gain on the sale which will be entered on to the tax return.
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‎January 27, 2023
12:41 PM