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Sale of 2nd home

I received 1099S for 2nd home sale, it shows gross sales price, but TTax asks for Net Proceeds, should I use Net as recommended?  What happens when IRS sees gross on my 1099 and a different number (net) on my tax filing?  

1 Reply
Coleen3
Intuit Alumni

Sale of 2nd home

You would adjust the basis so that your 1099-S agrees with the figure that the IRS receives on their copy.

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