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You will report the Gross sales price and then deduct all the closing costs fees paid that were necessary to make the sale.
So sale commissions and all costs listed above in question are deductible selling expenses.
Any property taxes and/or interest on a rental mortgage are not deductible as selling expenses because those would be listed elsewhere as rental expenses.
You will report the Gross sales price and then deduct all the closing costs fees paid that were necessary to make the sale.
So sale commissions and all costs listed above in question are deductible selling expenses.
Any property taxes and/or interest on a rental mortgage are not deductible as selling expenses because those would be listed elsewhere as rental expenses.
Do I deduct the taxes paid on deed to Registry of Deeds from sale price? On what tax form do I show the taxes and recording fees paid?
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