Received a 1099 S with gross proceeds instead of selling price

[KrisD15]

To clarify, is the "gross proceeds" more or less than the "selling price"? 

The amount reported on the 1099-S may have been reduced for commissions paid or title insurance you paid. 

[lind3]

The 1099-S received for sale of house was less than the actual sale of house.  It was the amount on the closing statement after the mortgages were paid off that I got and used to buy another house.  If I put this amount in and put in what I bout the house for it comes up a loss which I did not have. I thought about saying yes to 1099S but putting in numbers from from closing actual selling price and go thru the deductions of cost basis etc.  but not sure if that can be done

[lind3]

Gross proceeds are less then sale of house.  See additional message.  Thank you

[JulieS · Accepted solution]

Yes, you need to report the full sale price of the house, and you should also say yes to 1099S.

Whoever issued the 1099-S has made an error, but you can just use the correct figures on your tax return while acknowledging that you received a 1099-S. 

If the amount on the 1099-S were more than the selling price, you would need to get a corrected form. From your side, reporting a higher figure than what is on your 1099-S doesn't cause any potential problems. 

[lind3]

Thank you.