@Hope5011 wrote:
Can I deduct all expenses for the sale of"2nd home" such as Commissions paid, payoff of mort loans?etc?
Sales expenses are realtor commissions, legal fees, advertising fees, mortgage points or other loan charges you paid that would normally have been the buyer's responsibility. There is no tax deduction for transfer taxes, stamp taxes, or other taxes, fees, and charges you paid when you sold your home. However, if you paid these amounts as the seller, you can treat these taxes and fees as selling expenses.
The mortgage loan payoff is not a sales expense nor is it used anywhere when reporting the gain or loss on the sale.
