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Get your taxes done using TurboTax
Yes, this cost is a sales expense and will reduce your gain.
This is how to enter it in TurboTax Home & Business:
- Select Personal from the top row of tabs, then Personal Income, toward the upper left corner.
- Click I'll choose what I work on, on the right.
- Scroll down and look for Investment Income.
- Click on Start or Update to the right of Stocks, Mutual Funds, Bonds, Other.
- If you have already entered the sale here, click Edit to the right of your entry.
- If you have not yet entered the sale, click Add More Sales.
- Answer the first question No.
- On the screen, Tell us about this sale, pick the first option, I'll enter one sale at a time.
- Fill in your information about the sale. For Holding period select C if you owned to home less than one year or F if you owned the home more than one year.
- Continue until you get to Select any less common adjustments that apply.
- Select the first option and enter your sales expenses.
- If the sale was a loss, also select the fifth option and indicate the property is a personal use property.
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March 30, 2023
7:03 AM