Closing Costs vs Capital Gains

[Radiant1]

I plan on seeing a tax advisor in the near future, but does anyone have experience with selling a house with concessions? Were you able to write off all closing costs and concessions in order to reduce capital gains? Or, were you taxed on the full amount of house purchase before concessions were paid?

Example:

Seller asks for $100,000.
Buyer, in order to roll in their closing costs, offers seller $150,000 with the seller giving a $50,000 concession or credit toward closing costs and seller still walks away their asking price.
Will the seller pay taxes on the $100,000, or the $150,000?

 

[itsbob]

I plan on seeing a tax advisor in the near future, but does anyone have experience with selling a house with concessions? Were you able to write off all closing costs and concessions in order to reduce capital gains? Or, were you taxed on the full amount of house purchase before concessions were paid?

Example:

Seller asks for $100,000.
Buyer, in order to roll in their closing costs, offers seller $150,000 with the seller giving a $50,000 concession or credit toward closing costs and seller still walks away their asking price.
Will the seller pay taxes on the $100,000, or the $150,000?

I thought there was a minimum amount you had to profit, (250k comes to mind) and then that profit NOT rolled into another property before you had to ever worry about paying any taxes..

 

[Radiant1]

I thought there was a minimum amount you had to profit, (250k comes to mind) and then that profit NOT rolled into another property before you had to ever worry about paying any taxes..

The home is not my principle residence so I can't take the exclusion.

I've received mixed messages from different consultations. It seems I may or may not be taxed on the gross proceeds as opposed to the net proceeds. It just depends on how my 1099-S is written, which is like saying it's an IRS crap shoot.