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Started By
Message
tax deduction from selling a home
Posted on 9/15/10 at 2:44 pm
Posted on 9/15/10 at 2:44 pm
I tried looking on the IRS.gov website but can’t find the answer.
I was wondering can I clam a tax deduction for closing cost for selling my house?
The buyer of my house did not have money for all the closing cost. So my realtor up my selling price by $5,000 and put in writing that I would pay for $5,000 of the closing cost. On my “Settlement Statement (HUD-1)” line 507 it show me giving a $5,000 credit. Can I write this off as a tax deduction?
Also can I get a deduction for the realtor’s fee?
I was wondering can I clam a tax deduction for closing cost for selling my house?
The buyer of my house did not have money for all the closing cost. So my realtor up my selling price by $5,000 and put in writing that I would pay for $5,000 of the closing cost. On my “Settlement Statement (HUD-1)” line 507 it show me giving a $5,000 credit. Can I write this off as a tax deduction?
Also can I get a deduction for the realtor’s fee?
1
Posted on 9/15/10 at 5:33 pm to Sick Freak
No, you can't deduct expenses incurred selling your home. Those expenses reduce the proceeds you received from the sale. Thus, they can reduce any gain you might have subject to tax. However, if you sell your home for a loss, the loss is not deductible, so there is no tax benefit available.
Posted on 9/21/10 at 11:27 pm to Poodlebrain
Unless he's selling at a profit and has lived in it less than two years?? Not a deduction but
The expenses of the sale would reduce the gain right? and of course also reduce his cash flow...
The expenses of the sale would reduce the gain right? and of course also reduce his cash flow...
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