turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Home Sale - Adjusted Cost Basis

I sold my home last year.
My closing statement has the following entries:
    Adjustment for items unpaid by seller
        213. Selling broker credit buyer Non Recurring Closing Cost
        214. Seller credit buyer Non Recurring Closing Cost

Is it correct to add these 2 values in the "Seller's Expenses You Paid" field of the Adjusted Cost Basis EasyGuide tool?

Thanks

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

Home Sale - Adjusted Cost Basis

 

Home Sale - Adjusted Cost Basis

I'm not sure what "Selling broker credit buyer Non Recurring Closing Cost" is.  If the real estate agent is reducing their fee, that does not reduce your selling price or increase your basis.

 

As far as "Seller credit buyer Non Recurring Closing Cost", if you give the buyer a credit, that technically reduces your selling price instead of increasing the cost basis.  But the net effect of the calculation is the same if you add it to the basis instead of reducing the selling price, it reduces your gain either way. 

 

(For example, if the official selling price is $100,000 and you give the buyer a $5000 credit toward their closing costs, then your actual selling price is $95,000.)

Home Sale - Adjusted Cost Basis

 

Home Sale - Adjusted Cost Basis

Thanks

Home Sale - Adjusted Cost Basis

The closing cost statement was a HUD-1.
Thanks I added them to the cost basis.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies