Original issue for clarity: Solved: What is reported as final income for tax purposes on sale of an inherited home? (intuit.com)
New question:
I received the final financial report regarding the sale of the home and distribution of all funds (sold in 2023). It looks like there are three different numbers I could use to report my share of proceeds (all numbers below divided by 1/5).
Sales price (no expenses taken out): $1.11M
Sales price less administrative fees (includes some tax judgements against two of the other owners, bank fees, HOA owed fees) but does not include selling agent's commission: $1.036M
Actual disbursement to include selling agent's commission being taken out: $970K (divided by 5).
Which number do I use for the sales proceed number in TurboTax (divided by 5) and do I list the total of administrative fees and seller's commission or just the seller's commission as an expense?
The home was inherited (2007) and the value was at $518K at the time of inheritance and was sold for $1.110M in Chapter 7 bankruptcy proceedings in June 2023.
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The sale proceeds would be the gross sale amount, or the amount reported in box 2 of form 1099-S if one was issued. The expenses of sale would be the commission plus the administrative fees.
The sale proceeds would be the gross sale amount, or the amount reported in box 2 of form 1099-S if one was issued. The expenses of sale would be the commission plus the administrative fees.
Thank you. I appreciate your response.
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