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New Member

Sales expenses for rental property

3 Replies
New Member

Sales expenses for rental property

Are you asking where you would report the sale of rental property?
New Member

Sales expenses for rental property

No. I am on an interview screen in TT where it is asking me about sales information for the rental house we sold in 2016. It is asking me to enter price and expense information for both land and asset. I'm trying to figure out what all is allowed to be included in the sales expenses. For example, can we include excise tax?
Intuit Alumni

Sales expenses for rental property

Land portion of the sale

It is a pro-ration. One possible way is to contact the realtor to see if they can get the information for you. Another is to look at the property/land pro-ration you entered when you began depreciating unless the land prices have gone up or down considerably. Third possibility, which is not always accurate, is to look at your property tax bill. 

 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

You must allocate the sales expenses between the land and the house. If the house value is $200k and the land is $100k then two thirds of the expense goes to the house and one third to the land.

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