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1099S personal residence

Level 2

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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2 Replies 2
Level 15

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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Level 2

abctax55,

 

Thank you for your response.

 

Sincerely,

 

Cindy