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Get your taxes done using TurboTax
Thanks for your question!!
Your tax liability will be determined by the amount you sold the home for, minus any fees and expenses related to the sale, minus your basis in the home (what you originally paid for the home and any improvements).
See this article below regarding the Home Improvements:
https://turbotax.intuit.com/tax-tips/home-ownership/home-improvements-and-your-taxes/L6IwHGrx6
Yes, you can deduct the expenses for getting the house ready for sale.
The closing costs on the next home purchase are not deductible but that you can add to basis of the home. You can deduct any Mortgage Interest Paid, Points Paid, and Mortgage Insurance Paid.
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‎July 28, 2021
10:48 AM