I received 50% of the proceeds from the sale of my mom's home after she died. I'm a little confused because the gross proceeds listed on the Substitute 1099-S Form I received are much more than the actual cash I received from the title company. I'm not a homeowner, so this is my first time dealing with any sort of real estate transactions on my taxes. Should I just use the gross proceeds amount when I file my taxes, or am I able to deduct any of the settlement charges?
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You can add 1/2 of the settlement costs to 1/2 of the basis of the house that was sold. I assume the 1099-S are you portion of 1/2 of the proceeds. i will give a quick example.
You can add 1/2 of the settlement costs to 1/2 of the basis of the house that was sold. I assume the 1099-S are you portion of 1/2 of the proceeds. i will give a quick example.
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