You'll need to sign in or create an account to connect with an expert.
Yes, you would use your closing statement to find your sales expense.
You may get a 1099-S if you sold your home, a rental property, stock in a co-op, or any other real estate, including land, permanent structures, or standing timber on your land.
Sale of your main home
If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:
Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.
Yes, you would use your closing statement to find your sales expense.
You may get a 1099-S if you sold your home, a rental property, stock in a co-op, or any other real estate, including land, permanent structures, or standing timber on your land.
Sale of your main home
If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:
Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.
Do I enter the amount in Box 2 on my 1099-S or the actual sales prices from my closing statement in the "Selling Price" box on the Sales Information page?
the sales price from the 1099-S unless you want a letter from the iRS. certain closing costs are deducted as a selling expense.
those closing costs include title, stamp and transfer charges, brokers commissions legal fees. but not the mortgage payoff, escrow adjustments, prorated real estate taxes.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cboharvey
New Member
torrescharfauros
Level 1
farhan-ansari
New Member
daasen
New Member
rsaulsbe
New Member