I have a question about reporting property sales price (under depreciation for assets, in the area where it asks you to report property/land sales price and sales expenses). It's a rental property, if that matters.
When I sold the property, the buyer also paid me for the portion of property taxes and HOA fees I'd essentially "paid for them in advance," (I sold it on 11/9, but had paid these taxes & fees up until 12/31, and they repaid me for the 11/9-12/31 portion.) Should the sales price I write here include these or not?
I've read property taxes and HOA fees are not included as sales expenses, of course, but are they also ignored in sales price if the buyer pays for me for them?
Thank you very much in advance.
No, the property taxes and HOA fees the buyer reimbursed you for should not be included in the sales price. If you reported rental expenses for 2024, you should not report the portion of the property tax and HOA fees you were reimubursed.