Main Home Sale
Taxpayers divorced and sold their main home after 15 years living there. Never was a rental, never was a home office. My client is the husband doesn't recall receiving a 1099 for the sale proceeds. He also didn't buy another home with those proceeds. I am working on his Home Sale Worksheet and not sure where some of the info. for example, where do I enter the amount of the proceeds his ex wife received.
Selling Price 882,000.00 OK
Closing Costs 37,000.00
First and second mortgage payoff 144,895.00
Other Expenses like county tax unpaid by seller & owner's policy paid by seller 15,941.00
After all expense $684,164.00 was paid to them and each got half of that.
They built their own home and total cost including the land, and later improvements to the property were a total of 393,690.
I would really appreciate any input on this. thank you!
