turbotax icon
Showing results for 
Search instead for 
Did you mean: 
Oct 16 is the IRS deadline–file confidently with expert help. File Now
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

1099-S amount or whats on settlement sheet as credit

When entering 1099-S for sale of my home, what amount do I enter as total money received? Is this the amount on my 1099-S (which is the price of sale) or Do I look at whats on my settlement sheet was total credit. This basically includes my sale price - all fees associated with selling and payment to mortgage company?



 Sale price $200K, but mortage was $150K, fees were $10. So, 200-150-10=40?)

This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Our digital assistant can help you.
2 Replies

1099-S amount or whats on settlement sheet as credit

You enter the proceeds from the sale that is on the Form 1099-S Line 2.

1099-S amount or whats on settlement sheet as credit

Also note that paying off the mortgage is not included when calculating the gain or loss on the sale, it is not a Sales Expense.


IRS Publication 523 Selling Your Home - https://www.irs.gov/pub/irs-pdf/p523.pdf


Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies