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Get your taxes done using TurboTax
Yes. you can claim sales expenses. They will be on your settlement statement. You will not receive a tax form. The only tax form sent with a home sale is a 1099-S that lists the gross proceeds, and most times, you will not receive that form.
Losses on the sale of personal property are not deductible. You can deduct a loss on the home sale if it is investment property.
Your net capital gain or loss will transfer to your New Jersey return. New Jersey does not allow a deduction for a capital loss. They can only be netted against capital gains. If yo have a net capital loss, it will not show on your NJ return.
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‎April 9, 2022
4:51 AM