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I sold land in 2017. 1099-S report gross proceeds. May I deduct the real estate commissions and other closing costs ? please advise. thank you.
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I sold land in 2017. 1099-S report gross proceeds. May I deduct the real estate commissions and other closing costs ? please advise. thank you.
Yes, the sales expenses (commission paid, most closing costs you paid, however interest and property taxes are not closing costs and can be deducted elsewhere), are deductible and will reduce the sales price when reported.
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I sold land in 2017. 1099-S report gross proceeds. May I deduct the real estate commissions and other closing costs ? please advise. thank you.
where is this information entered into the turbo tax software. I have a land sale and I think it should go into the 8949 form but the software isn't asking for this information
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I sold land in 2017. 1099-S report gross proceeds. May I deduct the real estate commissions and other closing costs ? please advise. thank you.
Yes, the sales expenses (commission paid, most closing costs you paid, however interest and property taxes are not closing costs and can be deducted elsewhere), are deductible and will reduce the sales price when reported.
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