Re: Sch D. Prt 2, clmn e.

On Mar 30, 2:19 pm, "Paul Thomas, CPA" <paulthomascp...@xxxxxxxxxxxxx>
wrote:
<whosyerde...@xxxxxxxxx> wrote

Sch. D. Part 2, Column e asks for "Sales Price" and the instructions
state to use the amout on any 1099's.

Sorry, I meant column "d" askd for "Sales price."
This is where instuctions say to use 1099 amount.

How does on show the reduduction of the 1099 amount from the gross
sales price reported on the 1099 with the "Net Sales" price and
proceeds fron a real estate sale.

The instructions give no guidance here.

Is it best to write "See Statement A" in the box and show the net
sales price calculation from the gross amount on the 1099 needed to
figure the true amont of gain?

Or, is there another form or schedule available to show the net sales
price?

Nope. You report the gross sales price in the column that says "Sales
Price". Any other reductions are really basis (purchase cost, cost of
sales, etc) adjustments that get reported in that column to compute the
correct gain or loss on sale.

What is the nature of the home sale anyway?

Not a home. Vacant land held 10 years.

--
Paul Thomas, CPA
paulthomascp...@xxxxxxxxxxxxx

So you are saying "add the costs of sale to the basis" calculation for
col e?

Not exactly GAAP is it?

.

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