inherited a home and sold it. Can selling costs (commissions etc) or seller closing concessions be deducted from the gross proceeds or increase basis ? Also, would love to locate guidance - IRS Pub 551 does not mention selling costs. and most guidance seems to highlight the stepped up basis concept.
There seems to be an adjustment in the deluxe version to deduct selling costs from the gross proceeds since 1099-S usually are reported using gross proceeds - you check a box if you have adjustments
thx
Sign In
