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Real Estate sale question?
I received my 1099 from the title company yesterday with gross proceeds showing half the actual sales price. It sold for $120,000 and was co-owned by my sister and me. She received the same 1099 form showing $60,000 in the gross proceeds. In actuality, our gross proceeds were as follows, $2,500 for me and $3,762.00 for her. What gives and is this right. After the agent and liens were paid all that was made was $6,262.00 . This is all we have to clain right?
2 Answers
- LandlordLv 71 decade agoFavorite Answer
It is going to depend on the liens. You have to pay for the commissions, that is part of your profit, you just had to pay it as a fee.
Your mortgage lien would not count against you, but if you had home equity loans, liens that were bills ,etc those are all still your profit, you have to pay taxes on them.
The "gross proceeds" are just that, how much you earned gross, your pay on that, not your net proceeds.
