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LifeIsGood
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What expenses can i write off when buying/selling a home and moving?

Hey community!

I have just put my home up for sale and I want to prepare myself for next years taxes. What expenses can i write off in association with buying/selling home and moving long distance? 

 

Things that immediately come into question 

House prep (painting, yard clean-up, exc.)

Short-term Storage

Plane Tickets

Boxes/Tape/Packing Materials

Meals when traveling

 

Thanks Ya'all

 

 

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1 Best answer

Accepted Solutions

What expenses can i write off when buying/selling a home and moving?

First, you may qualify to exclude up to $250,000 of gain ($500,000 if you file a joint return with your spouse) if you meet the ownership and use tests (i.e., you owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale).

 

See https://www.irs.gov/taxtopics/tc701

 

 

Second, moving expenses are no longer deductible (for tax years 2018 through 2025) unless you are an active member of the military.

 

See https://www.irs.gov/publications/p521

 

 

Finally, most repairs and "fix-up" expenses are not deductible (e.g., painting, clean-up) unless they are part of an extensive remodeling or restoration project.

 

See https://www.irs.gov/publications/p523#en_US_2018_publink100010757

 

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2 Replies

What expenses can i write off when buying/selling a home and moving?

First, you may qualify to exclude up to $250,000 of gain ($500,000 if you file a joint return with your spouse) if you meet the ownership and use tests (i.e., you owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale).

 

See https://www.irs.gov/taxtopics/tc701

 

 

Second, moving expenses are no longer deductible (for tax years 2018 through 2025) unless you are an active member of the military.

 

See https://www.irs.gov/publications/p521

 

 

Finally, most repairs and "fix-up" expenses are not deductible (e.g., painting, clean-up) unless they are part of an extensive remodeling or restoration project.

 

See https://www.irs.gov/publications/p523#en_US_2018_publink100010757

 

What expenses can i write off when buying/selling a home and moving?

bottom line.... assuming this is a personal residence and the profit is less than $250,000 ( $500,000 If joint), nothing can be written off and nothing is taxable. 

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