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New Member
posted Jan 10, 2022 5:34:46 PM

We sold our house. The couple who bought it didn’t have the down payment of the $10,000 they needed. How do I show that on our taxes and do I get that back somehow

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7 Replies
Level 15
Jan 10, 2022 5:43:49 PM

Is your home sold or not?

The sales price at closing is what you enter as "Proceeds" on your tax return.

Level 15
Jan 10, 2022 5:47:16 PM

It is not clear what you are trying to do.   Did the deal fall through because the buyers could not make the down payment?   What exactly are you trying to do in regard to the down payment?

Expert Alumni
Jan 10, 2022 5:52:53 PM

 It depends. To clarify, did you owner finance to did you pay that down-payment in order for them to qualify?

New Member
Jan 11, 2022 6:00:36 AM

Home did sale but they needed a down payment and our agent talked us into putting up the down payment. Saying we could claim on taxes

New Member
Jan 11, 2022 6:02:46 AM

Yes we were talked into it so the sale could go through. Also we were told to claim on taxes. Just trying to figure out where to put it on our taxes 

Level 15
Jan 11, 2022 7:07:47 AM

deleted

Level 15
Jan 11, 2022 7:13:40 AM

It depends on how your closing was written.

Did you get the full sales price, less $10,000 expense, less other closing expense?

That's what it should be, based on what you said.

 

If your capital gain exclusion (  $500,000 for married) eliminates your taxable amount, you owe nothing and get nothing.

 

Agents will lie as needed to make the sale happen.