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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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
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
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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