I sold my rental property in 2018, Can I deduct from sale price the closing costs that I paid for the buyer as a "sales expense" of the home sale? give ex of item

[ttran28]

I sold my rental home in 2018, Can I deduct from the sale price the closing costs that I paid for the buyer as a "sales expense" of the home sale? for example:

commission, seller contributions money for buyer for finance, document prepared fees, title escrow fee, owner's title insurance, home warranty. 

Thank you very much for your help!  my email [email address removed]

[JulieR · Accepted solution]

Yes. 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

[ttran28]

Thank you very much!

[ttran28]

I have another related question on my rental home sale, as I report the gain by sale price subtract closing costs: commissions, broker's fees, title insurance...
1. I have balance pay off loan to bank and I subtract that from sale prices to come up with gain or loss right?
2. I received 1098 Mortgage Interest from the bank should I deduct as sale expenses or should I report rental expenses as mortgage interest deduction on tax return?
Thank you very much!

[ttran28]

 as I try to input the sale information of my rental property in Turbotax, I have question and just want to make sure I do the right thing,
Asset sales price - is the sale price subtract payoff balance to mortgage company?
Asset sales expenses - item on my closing costs ex commissions, title insurance,...
Land sales price - what value should I put as land price?
Land sales expenses - what value should I put as land expenses?
Thank you very much for your help!

[Jillian0821]

Hi ttran28,   I have the same questions as you.  Have you figured out the answers?  Thanks.

[sorinatlanta]

 have the same questions as you.  can someone help us?  Thanks.