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New Member
posted Feb 21, 2021 7:15:09 PM

What document would I use to find my sales expense for selling my home?

I think I need to use my closing statement but am unsure and want to use the proper number.

0 3 1974
1 Best answer
Expert Alumni
Feb 21, 2021 7:36:59 PM

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:

  1. Open or continue your return.
  2. Type sale of home in the Search box.
  3. Select the Jump to link in the search results.
  4. Follow the screens to enter the info from your 1099-S.

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.

3 Replies
Expert Alumni
Feb 21, 2021 7:36:59 PM

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:

  1. Open or continue your return.
  2. Type sale of home in the Search box.
  3. Select the Jump to link in the search results.
  4. Follow the screens to enter the info from your 1099-S.

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.

New Member
Mar 1, 2022 10:33:41 AM

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?

 

 
 

 

 

Level 15
Mar 1, 2022 12:07:18 PM

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.