2 house deductions

MyTaxQ7 · ‎April 1, 2021

In the investment section under "2 house" in the "deducting fees or selling expenses", I wanted to know if I can deduct the following from the value noted on the 1099-S as Gross Proceeds:

1. sales expense

2. Broker fees

3. Title escrow fee

4. Recording fee

Thank you.

Stan

ThomasM125 · ‎April 1, 2021

Yes, you can deduct those as selling expenses.

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Carl · ‎April 1, 2021

Fees associated with the acquisition of the loan are amortized and deducted over the life of the loan. As the seller, you don't have any of these fees.

Fees associated with the disposition of the investment are just flat out deductible by the seller, and are commonly included in the total of the sales expenses claimed by the seller.