You can reduce your selling price by the amount of the closing costs paid. Lower selling price produces a lower profit, which in turn lowers your tax bill. .
The following is a list of closing costs that can be deducted from your sales price assuming you paid them:
- Attorney fees in connection with obtaining property
- Commissions
- State stamp taxes and transfer taxes
- Tax service fees
- Title policy fees or title insurance
- Miscellaneous abstracts of title, surveys, recording of deed
See I sold my rental property. How do I report that?
https://ttlc.intuit.com/questions/1933977-i-sold-my-rental-property-how-do-i-report-that
(Edited 02/06/2016, 6:50 pm, EDT)
