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chicago_6
Returning Member

Sold rental for 160k. Paid closing costs for borrower of 11k, 4500 seller contr:; 100 option fee, title premium adj of 1076, 1126 in taxes. Can I report sale as 142k

Sold rental for 160k.  Paid closing costs for borrower of 11k, 4500 seller contribution, 100 option fee, title premium adjustment of $1076, 1126 in taxes.  Can I report sale as @ $142k, or do I have to report as $160k? 

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Accepted Solutions
DanielV01
Expert Alumni

Sold rental for 160k. Paid closing costs for borrower of 11k, 4500 seller contr:; 100 option fee, title premium adj of 1076, 1126 in taxes. Can I report sale as 142k

You can, yes.  Or, you can choose to report the sale at 160K, and then report the expenses separately.  The result will be the same. 

In TurboTax, you follow these instructions to pull up your rental home sale as described in this FAQ:  https://ttlc.intuit.com/replies/3388350.  You should be given the option to list the net proceeds (which is the Sales Price minus sales expenses) or check a box with sales expenses.  If you choose the latter, enter the full price of the sale and use the check box to detail the individual expenses you list above.

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1 Reply
DanielV01
Expert Alumni

Sold rental for 160k. Paid closing costs for borrower of 11k, 4500 seller contr:; 100 option fee, title premium adj of 1076, 1126 in taxes. Can I report sale as 142k

You can, yes.  Or, you can choose to report the sale at 160K, and then report the expenses separately.  The result will be the same. 

In TurboTax, you follow these instructions to pull up your rental home sale as described in this FAQ:  https://ttlc.intuit.com/replies/3388350.  You should be given the option to list the net proceeds (which is the Sales Price minus sales expenses) or check a box with sales expenses.  If you choose the latter, enter the full price of the sale and use the check box to detail the individual expenses you list above.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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