Fees or expenses not already deducted from reported sales price

[Jonathan1]

The reported sales price of an inherited property I sold did not deduct all fees or selling expenses.

Dollar proceeds I received for the sale were reduced by the following (numbers in leftmost column are line items on the HUD statement that had various dollar values indicated):

506	TAX & CITY LIEN SEARCH-PREMIUM LIEN SEARCH
507	ESTOPPEL LETIERI FED EX--xxx ASSOC
508	ESTOPPEL LETTER FED EX-CONSOLIDATED COMM
511	Counru laxes 01/01
515	FED EX FEES FOR RETURN SELLER DOCUMENTS
516	WlRE FEES FOR SELLER PROCEEDS
518	PREPAID EXPENSES TO xxx

In TurboTax, there is a section “select any less common adjustments that apply”.

Is this where I would enter the dollar amount of fees or expenses not already deducted from the reported sales price?

Thank you.

[JosephS1 · Accepted solution]

There are 2 methods by which you can include the closing costs to reduce your gain.  The easiest first of all would be to add the total costs that you incurred and then add them to the total cost basis of the property sold and enter that number as the cost basis.  The second is to add them as additional sales expenses as shown on the screen capture below:

This should bring the net sales proceeds down to what you actually received.

@Jonathan1

[Jonathan1]

Thank you very much.  I appreciate your timeliness and clarification.