inherited a home and sold it. Can selling costs (commissions etc) or seller closing concessions be deducted from the gross proceeds or increase basis ? Also, would love to locate guidance - IRS Pub 551 does not mention selling costs. and most guidance seems to highlight the stepped up basis concept.
There seems to be an adjustment in the deluxe version to deduct selling costs from the gross proceeds since 1099-S usually are reported using gross proceeds - you check a box if you have adjustments
thx
You'll need to sign in or create an account to connect with an expert.
@jpatul wrote:
inherited a home and sold it. Can selling costs (commissions etc) or seller closing concessions be deducted from the gross proceeds or increase basis ?
You can deduct various selling expenses from your gross sales price.
See https://www.irs.gov/publications/p523#en_US_2020_publink100072704
thx - just want to sure there is no difference in regular home sales vs inherited property
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
crookedoak
New Member
jackofallstuff
Level 1
johnjames9
Level 2
jastilley
Returning Member
adamsweld
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.