Cindy
Level 2
01-30-2021
12:22 PM
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If a person receives a 1099S for the sale of his personal residence do I include the payoff amount as part of his selling expenses?
Sincerely,
Cindy
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abctax55
Level 15
01-30-2021
12:24 PM
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Payoff amount as in the mortgage?
Umm.... No.
Well, not unless your "client" reported that loan as income when they got it ?s
"*******Tax software is no substitute for a professional tax preparer*******
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Cindy
Level 2
01-30-2021
12:54 PM
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abctax55,
Thank you for your response.
Sincerely,
Cindy