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Can escrow fee be included as Sales expenses in the process of the sale of a home for tax purposes

 
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DS30
New Member

Can escrow fee be included as Sales expenses in the process of the sale of a home for tax purposes

No, not as sales expenses. Instead, certain escrow fees will increase your basis in your home which will reduce the overall capital gain.

Please see attached screenshot for closing costs both allowed and disallowed by the IRS.

Please refer to the following IRS link for more information about selling your home:

https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink100010750

Please refer to this TurboTax link for more information about Home Ownership:

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Aspects-of-Home-Ownership--Selling...

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