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Level 5
April 3, 2023
Question

Closing Costs Not Adjusting Sch D - 4797

  • April 3, 2023
  • 1 reply
  • 16 views

Taxpayer sold a property in 2022 and I am entering the information on the dispositions section of Sch D where it says "Expenses of Sale or Exchange."

These expenses are not reducing the sale price on the form.

What other selections do I need to make on this screen to ensure the closing costs are considered?

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1 reply

IRonMaN
Level 15
April 3, 2023

They wouldn't reduce the sales price, but did they increase the basis?  If not, just manually add the amounts to basis

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