You can deduct costs of selling your home such as escrow fees, legal fees, real estate agent commissions, advertising costs, and even home staging fees. But you can’t deduct these costs in the same way you would deduct your mortgage interest (as an itemized deduction). You would subtract the costs from the sales price of your home, which lowers any capital gains that you may have.
Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.
If you paid any property taxes, you can deduct the amount you paid for the time you owned your home. You can also deduct the interest on your mortgage for the portion of the year you owned your home. You will deduct these as itemized deductions.
You can enter your sale of home information into TurboTax as follows:
- Click on the search icon in the upper right of your TurboTax screen
- Type "sale of home" in the search box
- Click on the link "Jump to sale of home"
- Follow the TurboTax screens and answer any follow-up questions regarding your sale
Click here for Publication 523, Selling Your Home
Click here for Tax Aspects of Home Ownership: Selling a Home
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
