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How to report real estate commissions and legal fees and expenses in federal and state tax returns for sale of your non-primary home.
In Federal return, I have reported sale of my (non-primary home) in NJ in 2021 as nonresident in “Stocks, Mutual Funds, Bonds, Other” under “Investment Income (1099-B or broker statements)” section. The gross proceeds reflect the sale price of home but does not reflect real estate commissions & legal fees and expenses; should these expenses be reported in “The reported sales price did not deduct all fees or selling expenses?” I did not receive any tax forms from this sale and have capital loss from this sale. I presume there would be something similar in the NJ-1040-NR form as well? Thank you in advance for your answer.
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April 8, 2022
8:50 PM