No. Purchase price plus improvements is not considered Selling Expense in the computation for sale of the condo.
Question 1 - The sales price is what you actually sold it for. You may have to make some calculations if there were several assets included in the sales price. But it is what you are selling that particular item for.
Question 2:
The sales price is the amount the condo was sold for.
Selling expenses does not include the cost of the condo plus improvements. Purchase price plus improvements is considered the cost or basis in the condo.
Selling expenses can include transfer taxes, stamp taxes, sales commissions paid to a real estate agent, any fees for a service that helped you sell your home without a broker, advertising fees, legal fees, and any mortgage points or other loan charges you paid that would normally have been the buyer's responsibility.
Follow the instructions below.
- Click on Income & Expenses
- Under Your income and expenses, scroll down to
- Rental properties and royalties, click Edit/Add
- Do you want to review your rental?, click Yes
- Under Rent and Royalty Summary, click Edit
- Click Update to the right of Assets/Depreciation.
- Do you want to go directly to your asset summary?, click Yes and Continue
- Click Edit to the right of each asset to be disposed
- Go through several screens until you get to Tell Us More About This Rental Asset
- Click on This item was sold……. And continue to answer the questions
You might also review information here.
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