What is on your 1099 when you sell, net or gross proceeds?

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  • Adam Rose
    January 28, 2009 at 7:07 am
    Adam Rose

    I have a specific question regarding Net proceeds vs. Gross Proceeds being reported on a 1099 when selling with a LLC.

    I want to know if I have an argument for asking the closing attorney to report only the net proceeds actually received (as on HUD) rather then the gross proceeds?

    I am selling a property I have had for some time and the purchaser wants to bump up the sale price 20k to allow for a repair credit. Which I dont mind, as the financing is available. But I do not want to create a problem when filing a return.

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