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Author: filson85 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: 1099 - S Date: 4/8/2007 10:14 AM
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Hi,

I sold a lot (real estate) and received a 1099 - S. The Gross prcoceeds in Box 2 was the purchase/sales price.

I am using Taxcut.

Does this get reported on Schedule D?

Do I use the gross proceeds from box 2 as the gross proceeds on Sch D?

Do I then subtract the net proceeds from the gross proceeds and add it to the cost basis?

(1) Initial cost - $17,167.53
(2) Gross proceeds - $28,500.00 (Box 2 1099 -S)
(3) Commissions, fees, etc - $4,213.57
(4) Real estate tax $52.46 (Box 5 1099 - S)
(5) Sales tax $1,425.00 (HI Sales tax)
(6) Net proceeds - $22,808.97

The Real Estate tax (4) and the Sales Tax (5) don't get added to the cost basis?

On Sch D -
Gross proceeds - $28,500
Cost basis (1) + (3) = 17,167.53 + 4,213.57 = $21,381.10

Net gain of $7,118.90

Thank you for any assisstance.





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