My husband & I sold our rental in Sept of 2018 for $162,000.- no real estate agent involved. We bought the house in May of 2013 for $150,000. The only 1099S I’ve received was from the Title Company that attended the closing at our local bank. It states in box 2 of the 1099S that the gross proceeds were $81,000. I am attempting to do my taxes through Turbo Tax , but cannot find the proper heading for this transaction. I’ve done all the depreciation etc . Do you know if I pay capital gains on the $162,000 minus the $150,000(buying price or the $81,000 that my 1099S states? The total amount of the check we received was $160,728.39, which was used to pay off our home that we owed $106,450. Before payoff. Any help is greatly appreciated!
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