Can I list the total closing cost amount listed on the settlement statement on the sale of my home in 2016? Is a Seller Credit a deductible item?

[ljwski]

I sold my Condo for $98,000.00 and gave back as a Seller's credit $2000.00.  Is it an items I can list as a selling expense?

[RichardK · Accepted solution]

You can deduct from the selling price the $2,000 credit you allowed to the buyer.

Most but not all of the closing costs are selling expenses for your condo, click here for IRS publication 523 Selling Your Home to see the IRS chart of what costs are included as a selling expense. Generally, you can deduct most costs you pay, except for real estate taxes