In 2008 I bought a house with my brother (50/50 split).
In 2011, we turned it into a rental and then sold in 2020.
In TurboTax, I am entering everything at 50% (my half).
When entering the Cost basis I enter $144k.
All of my sales info is coming from the closing statement.
For the sales price, I am entering $178k.
What do I enter for the “Sales Expenses”?
On my closing statement, I have a total of $154k in expenses, but my mortgage payoff is part of this ($142k).
Do I enter this amount, or subtract the payoff from the closing statement “Total Due From Seller” and only enter $12k?
If I enter the $154k as sales expense, it says I have a loss of $74k. Not sure about this.
If I enter the $12k as sales expense, it says I have a gain of $4k.
This makes more sense, but want to be sure.
