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Is seller's concession part of "I paid sales expenses that aren't included in the sale proceeds reported on the form"

Turbotax ask me "I paid sales expenses that aren't included in the sale proceeds reported on the form 1099-S

I gave the buyer a $5k seller concession that was deducted from escrow. Do I put that amount as part of sales expenses that aren't included in the sale proceeds reported on the form 1099-S? Or cost basis? 

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1 Reply
DianeW777
Expert Alumni

Is seller's concession part of "I paid sales expenses that aren't included in the sale proceeds reported on the form"

It depends on what the money was used for.  Essentially, at least most of it could be sales expenses which would lower your gain on the sale and that is the correct entry slot.

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