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April 7, 2020
Question

Sold my inherited house

  • April 7, 2020
  • 1 reply
  • 0 views

I already figured out cost basis ,ect. I rented the house for 1 year  Aug 2017-Aug 2018. I received a 1099-S that shows gross proceeds. But I also have a settlement statement from the title company that shows net due to seller (includes title fees, real estate commission ect ect. ) . Which amount do I use? If gross proceeds can I deduct the other fees out of the gross? Where would I enter them if i can?

    1 reply

    AmyC
    Employee
    April 7, 2020

    Enter the 1099-S gross proceeds as the sale price on your tax return. This makes for an easy IRS match. Adjust your basis by adding the selling expenses. Please see I sold my rental property. How do I report that?

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