Sold Rental Property

SLH212 — Tue, 10 Mar 2026 06:58:39 GMT

Is there a concise list of items that can be used to offset the income from the sale of rental property?

Re: Sold Rental Property

jeffvikings — Wed, 16 Nov 2022 20:13:57 GMT

Start with your cost basis (you can get this from your depreciation schedule it is cost minus depreciation) and you can then add the settlement costs on purchase, brokers commissions, improvements and closing costs on the sale to the basis. If improvements or repairs are needed prior to sale make sure you either add to basis or deduct as repairs on the Schedule E.

This link will bring you to another post that can help you determine whether an item is a repair or an asset. Repair or Asset

Your expenses for the time rented are taken on Schedule E for the year you paid them. Make sure items such as insurance, real estate taxes, rent, security deposits, and other prorations on the closing statement are added to the Schedule E in the appropriate category. The expenses when it was not available to rent are not deductible. This is a personal expense. ( mowing) $360. Insurance $502 (2/16 - 7/23), HOA $310 (2/16-7/23), Utilities $411 (2/16-7/23).

Vacant while listed for sale. If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses.

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Sold Rental Property

Re: Sold Rental Property