Hi Coleen,
You said when we enter the sales price of our rental that it needed to be the price on the HUD statement. When I did this, however, my tax refund dropped. It does not seem right that I am not able put the loan payoff amount anywhere and I have walked through this section twice. It is calculating a large profit when there wasn't one. I am also confused about the land sales price.
Sales expenses include:
- commissions
- appraisal fees
- broker's fees
- legal fees
- advertising fees
- home inspection reports
- title insurance
- transfer taxes or fees
- geological surveys
- loan charges (points) or other fees paid on the buyer's behalf
Sales expenses do not include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees
