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1099S personal residence

Cindy
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 Comments 2
abctax55
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

"*******Tax software is no substitute for a professional tax preparer*******
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Cindy
Level 2

abctax55,

 

Thank you for your response.

 

Sincerely,

 

Cindy