1099S personal residence

Cindy · ‎01-30-2021

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

abctax55 · ‎01-30-2021

Payoff amount as in the mortgage?

Umm.... No.

Well, not unless your "client" reported that loan as income when they got it ?s

Former Chump..umm... AllStar.
"the game of life is hard to play"

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Cindy · ‎01-30-2021

abctax55,

Thank you for your response.

Sincerely,

Cindy