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posted Apr 4, 2022 4:11:32 PM

When entering proceeds from the sale of a second home, do I enter the gross proceeds from the 1099-S or the net proceeds from the settlement statement?

When entering proceeds from the sale of a second home, do I enter the gross proceeds from the 1099-S or the net proceeds from the settlement statement?

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1 Replies
Expert Alumni
Apr 4, 2022 4:25:39 PM

Yes, you need to report the gross proceeds from Form 1099-S. 

 

You can use most of your closing costs, as expenses of sale. Click here for more details.