mamasita99
Well-Known Member
Joined: Jan 3, 2011 5:42:27 GMT -5
Posts: 1,623
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Post by mamasita99 on Mar 3, 2022 19:00:17 GMT -5
Ex and I sold a home in 2021. The law firm sent us both a 1099-S showing gross proceeds in box 2 of $145,000. This amount did not go to us. We split the proceeds after expenses and each left the table with $15,000. Where do I show what I actually received from this transaction? I usually use Turbo Tax, but should I hire someone this year? This is the only tricky part of my return.
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gacpa
Familiar Member
Joined: Nov 19, 2013 16:08:06 GMT -5
Posts: 734 
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Post by gacpa on Mar 4, 2022 11:05:23 GMT -5
You report the gross proceeds on Schedule D of the return. You also report your cost basis of the property sold. Cost basis includes what you paid for the property, selling expenses, and other costs to improve or add to the property. Your gain, if any, should be exempt from tax if it was your primary residence at least two out of the last five years.
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mamasita99
Well-Known Member
Joined: Jan 3, 2011 5:42:27 GMT -5
Posts: 1,623
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Post by mamasita99 on Mar 4, 2022 15:42:27 GMT -5
You report the gross proceeds on Schedule D of the return. You also report your cost basis of the property sold. Cost basis includes what you paid for the property, selling expenses, and other costs to improve or add to the property. Your gain, if any, should be exempt from tax if it was your primary residence at least two out of the last five years. Thank you thank you! |
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