Is this the Gross Proceeds box 2 from form 1099-S?
Sorry, but that abount in box 2 could very possibly be the wrong amount. Many issuers fill it out incorrectly and do not include amounts used by the closing agent to pay off existing mortgages. It's more common for the 1099-S to only show the cash payout to you after expenses. (Such as the payoff of an existing mortgage). Additionally, the 1099-S instructions for the issuer clearly state, "Gross proceeds do not include the value of property or services received or to be received by, or on behalf of, the transferor or separately stated cash received for personal property, such as draperies, rugs, or a washer and dryer." So chances are the amount will be wrong when it comes to your sales price.
Your sales price is the price you sold the property for as documented in the sales contract that you and the buyer both agreed to. While it is possible, it is *EXTREMELY* *RARE* for the 1099-S box 2 to actually agree with the sales price the seller and buyer agreed to in the sales contract they both signed.
