Hi Ernie,
Thank you again for answering my question, I’m very grateful for your answer.
In 2021, I sold my NJ home that used to be my principal residence. Before selling my NJ home, I moved to different state for a job, and ended up buying a home in that state. I was planning to rent out my NJ home, but due to pandemic, I was not able to rent it out and finally decided to sell it last year. Would this be considered an investment property? I sold this home for less than what I paid for; would this be considered a capital loss? And I owned this home for more than 15 years.
I had to contact the title company that prepared the settlement statement to get the 1099-S which has just the “Gross proceeds” indicating the sale price. The settlement statement has column with “Debit” for seller with commissions for realtors, legal fees and expenses, out of state tax(2%) to NJ and transfer tax to county recording office. Can I claim all these as sales expenses in “The reported sales price did not deduct all fees or selling expenses” in “Investment Income” in the Federal return? If not here, where would I claim these sales expenses?
Thanks again for your answers, I appreciate it.
