Your capital gain tax will be at 15% as long as your taxable income is below $583,750 for 20924; given the amounts you presented, that will not be an issue.
You will report the expenses related to selling your property on Form 4797, Sales of Business property, in Part I, line 2 (f); you would add whatever costs you incurred onto the basis (the amount you originally paid for the house) to come up with your total cost. This will reduce your gain, and hence your capital gains tax.
In addition to the amount you spent fixing up your property to sell, you can also deduct the following:
- Selling costs themselves such as closing costs and commissions paid to your real estate agent.
-Capital improvements you made to the property while you owned it, such as remodeling.
Thanks for your question!
