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Reporting Sale of an Inherited Home

What sales expenses that were paid by the seller can be included when completing the 1099B when reporting proceeds from the sell of an Inherited Home. These fees were not deducted from the gross proceeds reported on the 1099S I received. As the seller we paid all of the following expenses at closing but not sure which of these can be reported as "Sales Expenses" in Turbo Tax reducing capital gains.

 

Points

Commissions

Doc Prep Fees

Property Taxes Owed

Title Fees

Recording fees

 

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1 Best answer

Accepted Solutions
RobertB4444
Employee Tax Expert

Reporting Sale of an Inherited Home

All of these can be deducted as "Sales Expenses" since the money did not come to you and you are not deducting them anywhere else (this is particularly in reference to the property taxes).  

 

@TheRock1 

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1 Reply
RobertB4444
Employee Tax Expert

Reporting Sale of an Inherited Home

All of these can be deducted as "Sales Expenses" since the money did not come to you and you are not deducting them anywhere else (this is particularly in reference to the property taxes).  

 

@TheRock1 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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