Seller Concessions on home sale are the deductable

[kevinmcgettigan]

if I didn't get a 1099-S, should I deduct the concession from the purchase price?

[bwa]

If you didn't get a Form 1099-S and you meet the exclusion, you don't need to report the sale.  For the sale of a residence, up to $250,000 ($500,000 on a joint return where you both lived in the residence) of gain can be excluded from income if you lived in and owned the house for two of the last five years. (You may have a smaller exclusion if the property was used as a rental during the five year period, and you may have income from recapture of depreciation if you claimed an office in the home deduction for the home.)
If you work through the interview on sale of a residence, TurboTax will compute the exclusion. Look under the wages and income tab for less common income, then sale of home.
I would only report the sale if:
• The gain exceeds the amounts that are exempt from tax, or
• You received a Form 1099-S from the closing agent.

[bwa · Accepted solution]

A seller concession on a home sale is nothing more than a reduction of the sales price.  Hopefully, the Form 1099-S (if you received on) has the sales price net of the concessions.