topic Sale price of home that was a rental in Investors & landlords

Sale price of home that was a rental

rkowenby — Sun, 04 Apr 2021 18:37:05 GMT

Can I deduct realtor fees and closing cost from the basis of the sale price on a rental property.

Re: Sale price of home that was a rental

Critter-3 — Sun, 04 Apr 2021 18:55:54 GMT

Closing costs are NOT deducted from the sale price they are ADDED to the cost basis of the property. The program will ask you for these in the interview in the asset section.

Re: Sale price of home that was a rental

MayaD — Sun, 04 Apr 2021 19:01:10 GMT

You actually need to add the closing cost and realtor fees to the cost basis of the property. Adding the fees to the cost basis will reduce your capital gain.