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Investors & landlords
Thank you for trying to help me out! Let me explain a little bit more details so you can understand what I am talking about.
I sold my primary house last year with a gain that I need to pay capital gain tax.
Capital gain= selling price - selling expenses - total basis
The selling expenses are calculated based on the settlement statement when you sell your house.
The cost basis is calculated based on the settlement statement when you bought your house. Some settlement and closing costs can be included in the basis, some can not. I am specially talking about two fees in the settlement statement: loan origination fee and lender credit. I don’t know if I can include them in the basis in my situation.
July 9, 2020
8:36 PM