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How do I calculate the selling expenses of my home
Is the payoff of my mortgage and owed property taxes on a home sale considered a selling expense of the home?
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posted
June 7, 2019
2:57 PM
last updated
June 07, 2019
2:57 PM


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How do I calculate the selling expenses of my home
Follow the step by step guide and answer the questions as they relate to your situation.
Sales expenses include:
- commissions- appraisal fees
- broker's fees
- legal fees
- advertising fees
- home inspection reports
- title insurance
- transfer taxes or fees
- geological surveys
- loan charges (points) or other fees paid on the buyer's behalf
Sales expenses do not include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees
https://ttlc.intuit.com/replies/3302480
June 7, 2019
2:57 PM
7 Replies
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How do I calculate the selling expenses of my home
Can anybody point to the code section that authorizes these expenses?
June 7, 2019
2:57 PM
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How do I calculate the selling expenses of my home
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p523.pdf">https://www.irs.gov/pub/irs-pdf/p523.pdf</a>
June 7, 2019
2:57 PM
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How do I calculate the selling expenses of my home
<a rel="nofollow" target="_blank" href="http://www.nolo.com/legal-encyclopedia/when-home-sellers-can-reduce-capital-gains-tax-using-expenses...>
June 7, 2019
2:57 PM
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How do I calculate the selling expenses of my home
These resources are helpful, but I am searching for primary sources of authority. The closest I can find is a Treasury Regulation related to IRC Sec. 1034, which was repealed.
June 7, 2019
2:57 PM
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How do I calculate the selling expenses of my home
When entering the Gross or Net on the sale of a lot, are the real estate taxes included in the cost of the sale? Or should they not be included in my cost for the sale? Also, our 1099-S only shows Gross Proceeds. However, turbo tax asks for Net, not gross. Do I use the 1099-S Gross figure, or can I use the net figure on the closing statement instead of the 1099-S Gross figure. And would the real estate taxes have to be factored out? thanks
June 7, 2019
2:57 PM
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How do I calculate the selling expenses of my home
Follow the step by step guide and answer the questions as they relate to your situation.
Sales expenses include:
- commissions- appraisal fees
- broker's fees
- legal fees
- advertising fees
- home inspection reports
- title insurance
- transfer taxes or fees
- geological surveys
- loan charges (points) or other fees paid on the buyer's behalf
Sales expenses do not include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees
https://ttlc.intuit.com/replies/3302480
June 7, 2019
2:57 PM
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How do I calculate the selling expenses of my home
Would origination fee's be classed as Sellers Expenses too?
June 7, 2019
2:57 PM
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