Catherine Posted April 7 Report Posted April 7 Trust (decedent estate) sold a property. I have contract price, and FMV as of DOD. Then there are the closing costs from the HUD-1 (or CD, or whatever they're calling it this week - settlement statement). Should those closing costs be added to the FMV, or subtracted from the contract price (with detail listings), or does it matter? Which is less likely to invite unwanted (and unwonted) attention? 1 Quote
Gail in Virginia Posted April 7 Report Posted April 7 I have always added them to the basis. 2 1 Quote
Abby Normal Posted April 7 Report Posted April 7 On the 8949 it's a columns f and g adjustment code E for selling expenses, which reduces the gain as an addition to cost basis. 3 1 Quote
Catherine Posted April 7 Author Report Posted April 7 Thank you, @Gail in Virginia and @Abby Normal - I'm so used to the home sale worksheet in the individual return I didn't even think of the basis adjustment columns for reporting the closing costs. 3 Quote
Abby Normal Posted April 7 Report Posted April 7 It's late season which means it's also fried brain season. Good luck! 4 1 Quote
Catherine Posted April 7 Author Report Posted April 7 29 minutes ago, Abby Normal said: It's late season which means it's also fried brain season. Good luck! 1 3 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.