I sold my home and did not get a 1099 S. From the help I enter the net dollars I received from the sale and not what I sold it for. Doesn't make sense.

[mark-mcintyre]

Did not receive a 1099S for the sale of my Condo. In Sales Information in Turbo Tax the Selling Price and Sales Expense is confusing. One would think I would enter what I sold it for and the expense would be all the cost and the net would be the cash I ended up with but the help file doesn't state this. For example, my condo sold for $80,000 and if I just enter the Cash I netted from the sale I should enter $1,433 for Selling Price and $6,875 for Sale Expense. Is this correct?

[Coleen3]

No, this is not how you figure gain or loss. Start with the original purchase price and add any cost of improvements and/or expenses.  Subtract it from the sales price and expenses. That is your gain/loss. See below for a list of closing costs that can help. Also check to see if you qualify for exclusion on your primary personal residence.

That income is free and clear as long as:

• You owned the home
• It was your main home for two years or more within the five years leading up to the sale
• You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

Sales expenses include:

 - commissions

 - appraisal fees

 - broker's fees

 - legal fees

 - advertising fees

 - home inspection reports

 - title insurance

 - transfer taxes or fees

 - geological surveys

 - loan charges (points) or other fees paid on the buyer's behalf

Sales expenses do not include:

 - mortgage payoffs

 - home equity loan payoffs

 - rent-back costs

 - payoff to creditors

 - property taxes

 - home owner association fees

Items added to basis.

  You can include in your basis the settlement fees and closing costs you paid for buying your home. A fee is for buying the home if you would have had to pay it even if you paid cash for the home. The following are some of the settlement fees and closing costs that you can include in the original basis of your home.

Abstract fees (abstract of title fees). Charges for installing utility services. Legal fees (including fees for the title search and preparation of the sales contract and deed). Recording fees. Surveys. Transfer or stamp taxes. Owner's title insurance.

Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, cost for improvements or repairs, and sales commissions. If the seller actually paid for any item for which you are liable and for which you can take a deduction (such as your share of the real estate taxes for the year of sale), you must reduce your basis by that amount unless you are charged for it in the settlement.