My mother passed away and we sold her house. 11 years prior to the sale, she transferred the title to me and my sister, so it counts as the sale of a second house. We did not pay anything at that time. She did not pay rent to us.
I entered the 1099-S sale proceeds amount in TurboTax under Investment Income->Stocks, Mutual Funds, Bonds, Other. I believe that's the right place but can move it. (It was also sold in a different state so I've added both states to TurboTax)
My question is: can I subtract closing costs and repairs made by request of buyer from this amount? The closing cost categories were:
* Owner's Title Policy
* County Taxes for 2020
* Document Delivery fee
* Seller Closing Fee
* We also agreed to pay $1500 of buyer's closing fee
* wire transfer service
* real estate agent commission
We also had about $2K in requested repairs to electrical issues and for mold mitigation.
How much, if any, of these amounts can I subtract from the sale proceeds? Right now I'm assuming all of them, and I've put them in the "fees or expenses not already deducted from reported sales price" (divided by two of course since my sister and I split the proceeds as well as the fees.
Thanks very much.
