I recently had a series of discussions here, about deductions on a house that I sold last year in Fremont, CA, USA. I got alot of useful help from several people, including @Carl ... I though I was done, but there is still one item on the SFSS (Final Settlement Statement) that I'm uncertain about; I was initially going to skip this item, but wanted to run it past you folks here one more time, since it is fairly sizeable...
The item is:
Reimbursement for Home Preparation to Carlos Padilla (my agent for the sale): $29,834.41
This was expenses for things such as painting, removing carpet and tile floors and refreshing hardwood floors, repair of defects found during inspections, etc, all in preparation for selling the house.
Can I in fact deduct this expense item??
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Yes. You can add this cost to your cost basis which will in fact reduce your capital gain.
Yes. You can add this cost to your cost basis which will in fact reduce your capital gain.
Cool... thank you for the prompt response!
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