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Old 02-17-2018, 01:47 PM
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Capital gains question

I have a question regarding capital gains from the sale of a home that was gifted 19 years ago. To my understanding if the "fair market value" at the time of gifting is 100,000 and I sell the home for 125,000 then the capital gain is 25,000. However, it is my understanding that I can deduct closing cost and realtor fees assuming that I paid these during the sale of the home. We received a 1099s at the time of the closing that shows the total sales price but the amount we received was minus the realtor, taxes, and closing cost, which is included in the closing document. My question is where do I enter these additional amounts? Do I subtract them from the gross sales and list this as the gross sale? Sorry for the long post.

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