Im praying someone can guide me on this - my husband sold his rental property last year & we received the 1099-S for the sale. I am trying to file taxes for it but am confused as to exactly what must be filed it addition to the 1099-S. The IRS website shows I should also file a form 4797? Also the cost basis is confusing. He bought this property in 2009 for $103,500 but refinanced it in 2014 so not sure if that will play into it. Before selling the home we did do improvements like new roof $5k & painting exterior/interior for roughly $4,300.00. Im not sure where is a good place to start. I greatly appreciate anyones help & direction. Thank you kindly in advance & have a blessed evening 🙂
Vicki
