I sold my investment property in 2020. When I enter the sales price do I use line 101 of the HUD, which is the contract sales price or do I use the proceeds to seller, which deducts taxes, fees, and mortgage balance?
Thank you
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Use the contract sales price.
you use the gross sales price. then you can deduct sales expenses. not all items on the closing statement are selling expenses.
things like real state taxes, mortgage interest, the mortgage balance payoff, HOA fees, home insurance, the release of escrow funds are not. this is not an all-inclusive list
Use the contract sales price.
you use the gross sales price. then you can deduct sales expenses. not all items on the closing statement are selling expenses.
things like real state taxes, mortgage interest, the mortgage balance payoff, HOA fees, home insurance, the release of escrow funds are not. this is not an all-inclusive list
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