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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

HumanKind... Be Both
Cindy
Level 2

abctax55,

 

Thank you for your response.

 

Sincerely,

 

Cindy