I sold my rental townhome in 2019 and gave the buyer a seller credit of 3% ($6,600), as listed on the closing statement. The 1099S reported only the gross proceeds of the sale ($220,000). Can I include this amount as a selling expense, to be added to my cost basis, in calculating gain or loss? Thank you.
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Yes, that is part of the cost of selling this property.
Yes, that is part of the cost of selling this property.
Thank you for your quick reply, Julie, but can you point me to the IRS publication or regulation (or other authoritative source) where this is specifically documented (just in case I have to convince someone else)? Thanks!
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