The Closing Statement has all the sales information you need. The sales price is the gross proceeds (the price you agreed to sell for). Selling expenses are listed below.
The Asset is the Rental building itself. If you purchased the land, then built the building, you have basis in the land separate from the building and will need to split the sales price and selling expenses between the land and the building.
Otherwise, the entire sales price would be entered for Asset Sales Price. Likewise, the total selling expenses would be entered for Asset Sales Expenses.
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
Additional info:
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